# EDGAR Filing Document

**Accession Number:** 0001848758
**File Stem:** 0001133228-26-003119
**Filing Date:** 2026-3
**Character Count:** 533321
**Document Hash:** 0c5f566506a74b33e9f7e92697f95bdb
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-003119.hdr.sgml**: 20260306

**ACCESSION NUMBER**: 0001133228-26-003119

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 106

**CONFORMED PERIOD OF REPORT**: 20251231

**FILED AS OF DATE**: 20260306

**DATE AS OF CHANGE**: 20260305

**EFFECTIVENESS DATE**: 20260306

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** NEOS ETF Trust
- **CENTRAL INDEX KEY:** 0001848758

**ORGANIZATION NAME:**
- **EIN:** 861805230
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23645
- **FILM NUMBER:** 26727960

**BUSINESS ADDRESS:**
- **STREET 1:** 13 RIVERSIDE AVE
- **CITY:** WESTPORT
- **STATE:** CT
- **ZIP:** 06880
- **BUSINESS PHONE:** 914.443.5008

**MAIL ADDRESS:**
- **STREET 1:** 13 RIVERSIDE AVE
- **CITY:** WESTPORT
- **STATE:** CT
- **ZIP:** 06880

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** SHP ETF Trust
- **DATE OF NAME CHANGE:** 20210302

## 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 | BNDI            |

### NEOS Enhanced Income 1-3 Month T-Bill ETF (Series ID: S000077193)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000237367 | NEOS Enhanced Income 1-3 Month T-Bill ETF | CSHI            |

### 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 | SPYI            |

### NEOS Bitcoin High Income ETF (Series ID: S000081251)

| Class ID   | Class Name                   | Ticker Symbol   |
|:---|:---|:---|
| C000243923 | NEOS Bitcoin High Income ETF | BTCI            |

### NEOS Nasdaq-100(R) High Income ETF (Series ID: S000083903)

| Class ID   | Class Name                         | Ticker Symbol   |
|:---|:---|:---|
| C000247991 | NEOS Nasdaq-100(R) High Income ETF | QQQI            |

### NEOS Nasdaq-100(R) Hedged Equity Income ETF (Series ID: S000084049)

| Class ID   | Class Name                                  | Ticker Symbol   |
|:---|:---|:---|
| C000248262 | NEOS Nasdaq-100(R) Hedged Equity Income ETF | QQQH            |

### NEOS Enhanced Income Credit Select ETF (Series ID: S000084068)

| Class ID   | Class Name                             | Ticker Symbol   |
|:---|:---|:---|
| C000248318 | NEOS Enhanced Income Credit Select ETF | HYBI            |

### NEOS Russell 2000 High Income ETF (Series ID: S000085554)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000250847 | NEOS Russell 2000 High Income ETF | IWMI            |

### NEOS Enhanced Income 20+ Year Treasury Bond ETF (Series ID: S000088938)

| Class ID   | Class Name                                      | Ticker Symbol   |
|:---|:---|:---|
| C000255339 | NEOS Enhanced Income 20+ Year Treasury Bond ETF | TLTI            |

### NEOS Real Estate High Income ETF (Series ID: S000089464)

| Class ID   | Class Name                       | Ticker Symbol   |
|:---|:---|:---|
| C000256023 | NEOS Real Estate High Income ETF | IYRI            |

### NEOS S&P 500(R) Hedged Equity Income ETF (Series ID: S000091457)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000259125 | NEOS S&P 500(R) Hedged Equity Income ETF | SPYH            |

### NEOS Gold High Income ETF (Series ID: S000092389)

| Class ID   | Class Name                | Ticker Symbol   |
|:---|:---|:---|
| C000260363 | NEOS Gold High Income ETF | IAUI            |

### NEOS MSCI EAFE High Income ETF (Series ID: S000094887)

| Class ID   | Class Name                     | Ticker Symbol   |
|:---|:---|:---|
| C000263466 | NEOS MSCI EAFE High Income ETF | NIHI            |

### NEOS Ethereum High Income ETF (Series ID: S000096184)

| Class ID   | Class Name                    | Ticker Symbol   |
|:---|:---|:---|
| C000264973 | NEOS Ethereum High Income ETF | NEHI            |

### NEOS MLP & Energy Infrastructure High Income ETF (Series ID: S000097287)

| Class ID   | Class Name                                       | Ticker Symbol   |
|:---|:---|:---|
| C000266470 | NEOS MLP & Energy Infrastructure High Income ETF | MLPI            |

### NEOS Long/Short Equity Income ETF (Series ID: S000097595)

| Class ID   | Class Name                        | Ticker Symbol   |
|:---|:---|:---|
| C000267045 | NEOS Long/Short Equity Income ETF | NLSI            |

?xml version='1.0' encoding='ASCII'? 2026-01-29191885_NEOSBitcoinHighIncomeETF_TF_TSRAnnual

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

**FORM N-CSR** 

**CERTIFIED SHAREHOLDER REPORT OF REGISTERED**

**MANAGEMENT INVESTMENT COMPANIES**

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

**<u>NEOS ETF Trust</u>**

(Exact name of registrant as specified in charter)

**13 Riverside Avenue**

**<u>Westport, CT 06880</u>**

(Address of principal executive offices) (Zip code)

**Garrett Paolella, President**

**13 Riverside Avenue**

**<u>Westport, CT 06880</u>**

(Name and address of agent for service)

**<u>(203) 298-7300</u>**

Registrant's telephone number, including area code

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

Date of reporting period: **<u>December 31, 2025</u>**

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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).

---

| | | |
|:---|:---|:---|
| ![image](img462038_202507171830584.jpg) | **NEOS Bitcoin High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462038_202507171830584.jpg) | BTCI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img462038_202507171830584.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Bitcoin High Income ETF (the "Fund" or "BTCI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/btci/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Bitcoin High Income ETF | $54 | 0.98% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

From the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was -12.50% compared to the CME CF BTC-USD Reference Rate 4PM NY, which returned -16.64%. The Fund outperformed the CME CF BTC-USD Reference Rate 4PM NY, its reference index, during the Reporting Period. The outperformance is attributed to the active laddered call strategy which added income to the Fund during the bitcoin sell-off.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7023img003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6/01/2025-**<br> **12/31/2025** | **1 Year** | **Since Inception**<br>**(10/17/2024)** |
| **NEOS Bitcoin High Income ETF NAV**  | -12.50 | -1.28 | 20.49 |
| **S&P 500® Total Return Index**  | 16.64 | 17.88 | 15.48 |
| **CME CF BTC-USD Reference Rate 4PM NY**  | -16.64 | -6.84 | 23.29 |

---

Visit https://neosfunds.com/btci/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS Bitcoin High Income ETF PAGE 1 TSR-AR-78433H642

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $987605274 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $3770737 |
| **Portfolio Turnover** | 10% |
| **30-Day SEC Yield** | 2.76% |
| **30-Day SEC Yield Unsubsidized** | 2.76% |
| **Distribution Rate** | 34.85% |

---

Visit https://neosfunds.com/btci/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bill  | 74.4% |
|  VanEck Bitcoin ETF  | 13.5% |
|  iShares Bitcoin Trust ETF  | 10.8% |
|  First American Treasury Obligations Fund  | 2.0% |
|  Northern U.S. Government Select Money Market Fund  | 0.2% |
|  Cboe Bitcoin U.S. ETF Index Purchased/Written Options  | -0.4% |

---

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/btci/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Bitcoin High Income ETF PAGE 2 TSR-AR-78433H642

------

---

| | | |
|:---|:---|:---|
| ![image](img85833_520250717191078.jpg) | **NEOS Enhanced Income 1-3 Month T-Bill** **ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img85833_520250717191078.jpg) | CSHI (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img85833_520250717191078.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Enhanced Income 1-3 Month T-Bill ETF (the "Fund" or "CSHI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/cshi/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | $23 | 0.38% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 2.96% compared to its benchmark index, the Bloomberg U.S. Treasury Bills: 1-3 Months, which returned 2.47%. The Fund outperformed the Bloomberg U.S. Treasury Bills: 1-3 Months, its reference index for the Reporting Period. The outperformance is attributed to the put options overlay, which generated additional monthly income for the Fund.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7019img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **06/01/2025-**<br> **12/31/2025** | **1 Year** | **Since Inception**<br>**(08/30/2022)** |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF NAV**  | 2.96 | 5.02 | 5.51 |
| **Bloomberg U.S. Aggregate Bond Index**  | 4.74 | 7.30 | 3.27 |
| **Bloomberg U.S. Treasury Bills: 1-3 Months**  | 2.47 | 4.29 | 4.75 |

---

Visit https://neosfunds.com/cshi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS Enhanced Income 1-3 Month T-Bill ETF PAGE 1 TSR-AR-78433H501

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $805833799 |
| **Number of Holdings** | 23 |
| **Net Advisory Fee** | $1416744 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.35% |
| **30-Day SEC Yield Unsubsidized** | 3.35% |
| **Distribution Rate** | 5.05% |

---

Visit https://neosfunds.com/cshi/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bill  | 99.1% |
|  First American Treasury Obligations Fund  | 0.9% |
|  Northern U.S. Government Select Money Market Fund  | 0.1% |
|  S&P 500 Index Purchased/Written Options  | 0.0%\* |

---

\* Represents less than 0.05%.

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/cshi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Enhanced Income 1-3 Month T-Bill ETF PAGE 2 TSR-AR-78433H501

------

---

| | | |
|:---|:---|:---|
| ![image](img462057_202507172017566.jpg) | **NEOS Enhanced Income 20+ Year Treasury** **Bond ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462057_202507172017566.jpg) | TLTI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img462057_202507172017566.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Enhanced Income 20+ Year Treasury Bond ETF (the "Fund" or "TLTI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/tlti/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | $35 | 0.58% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 4.68% compared to its benchmark index, the ICE US Treasury 20+ Year Bond Total Return Index, which returned 4.21%. The Fund outperformed the ICE US Treasury 20+ Year Bond Total Return Index, its reference index, for the Reporting Period. The outperfomance is attributed to the put options overlay, which generated additional monthly income for the Fund.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7024img003.jpg)

**AVERAGE ANNUAL TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **06/01/2025-**<br> **12/31/2025** | **1 Year** | **Since Inception**<br>**(12/11/2024)** |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF** **NAV**  | 4.68 | 4.52 | -1.29 |
| **Bloomberg U.S. Aggregate Bond Index**  | 4.74 | 7.30 | 5.16 |
| **ICE US Treasury 20+ Year Bond Total Return Index**  | 4.21 | 4.29 | -1.54 |

---

Visit https://neosfunds.com/tlti/ for more recent performance information.

NEOS Enhanced Income 20+ Year Treasury Bond ETF PAGE 1 TSR-AR-78433H592

------

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $9675940 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $18177 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 4.34% |
| **30-Day SEC Yield Unsubsidized** | 4.34% |
| **Distribution Rate** | 6.33% |

---

Visit https://neosfunds.com/tlti/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bond  | 97.8% |
|  First American Treasury Obligations Fund  | 0.5% |
|  Northern US Government Money Market Fund  | 0.0%\* |
|  S&P 500 Index Purchased/Written Options  | 0.0%\* |

---

\* Represents less than 0.05%.

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/tlti/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Enhanced Income 20+ Year Treasury Bond ETF PAGE 2 TSR-AR-78433H592

------

---

| | | |
|:---|:---|:---|
| ![image](img462036_202507171653302.jpg) | **NEOS Enhanced Income Aggregate Bond** **ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462036_202507171653302.jpg) | BNDI (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img462036_202507171653302.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Enhanced Income Aggregate Bond ETF (the "Fund" or "BNDI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/bndi/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Enhanced Income Aggregate Bond ETF | $33 | 0.55% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 5.37% compared to its benchmark index, the Bloomberg US Aggregate Bond Index, which returned 4.74%. The Fund outperformed the Bloomberg US Aggregate Bond Index, its benchmark index, during the Reporting Period. The outperformance is attributed to the put options overlay, which generated additional monthly income for the Fund.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7020img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6/01/2025-**<br> **12/31/2025** | **1 Year** | **Since Inception**<br>**(08/30/2022)** |
| **NEOS Enhanced Income Aggregate Bond ETF NAV**  | 5.37 | 7.95 | 4.12 |
| **Bloomberg US Aggregate Bond Index**  | 4.74 | 7.30 | 3.27 |

---

Visit https://neosfunds.com/bndi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS Enhanced Income Aggregate Bond ETF PAGE 1 TSR-AR-78433H402

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $131617971 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $340670 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.36% |
| **30-Day SEC Yield Unsubsidized** | 3.32% |
| **Distribution Rate** | 5.73% |

---

Visit https://neosfunds.com/bndi/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  iShares Core U.S. Aggregate Bond ETF  | 49.7% |
|  Vanguard Total Bond Market ETF  | 49.6% |
|  First American Treasury Obligations Fund  | 0.7% |
|  Northern U.S. Government Select Money Market Fund  | 0.1% |
|  S&P 500 Index Purchased/Written Options  | 0.0%\* |

---

\* Represents less than 0.05%.

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/bndi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Enhanced Income Aggregate Bond ETF PAGE 2 TSR-AR-78433H402

------

---

| | | |
|:---|:---|:---|
| ![image](img462042_202507171918908.jpg) | **NEOS Enhanced Income Credit Select ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462042_202507171918908.jpg) | HYBI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img11894_202412191724471.jpg) |
| ![image](img462042_202507171918908.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Enhanced Income Credit Select ETF (the "Fund" or "HYBI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/hybi/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Enhanced Income Credit Select ETF | $37 | 0.61% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 5.86% compared to its benchmark index, the Bloomberg U.S. Corporate High Yield Index, which returned 5.79%. The Fund outperformed the Bloomberg U.S. Corporate High Yield Index, its reference index, for the Reporting Period. The outperformance is attributed to the put options overlay, which generated additional monthly income for the Fund.

**HOW DID THE FUND PERFORM** **OVER THE PAST 10 YEARS?** **\*** **,<sup>†</sup>**

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7028img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6/01/2025-**<br> **12/31/2025** | **1 Year** | **5 Year** | **10 Year** |
| **NEOS Enhanced Income Credit Select ETF NAV**  | 5.86 | 6.84 | 3.53 | 4.90 |
| **Bloomberg U.S. Aggregate Bond Index**  | 4.74 | 7.30 | -0.36 | 2.01 |
| **Bloomberg U.S. Corporate High Yield Index**  | 5.79 | 8.62 | 4.51 | 6.53 |

---

Visit https://neosfunds.com/hybi/ for more recent performance information.

NEOS Enhanced Income Credit Select ETF PAGE 1 TSR-AR-78433H584

------

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

† The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of WST Investment Trust, (the "Predecessor Fund") in a reorganization on September 27, 2024. The Predecessor Fund's performance and financial history, inclusive of expense limitations, has been adopted by the Fund and will be used going forward.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $196763091 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $557968 |
| **Portfolio Turnover** | 82% |
| **30-Day SEC Yield** | 6.02% |
| **30-Day SEC Yield Unsubsidized** | 5.99% |
| **Distribution Rate** | 8.39% |

---

Visit https://neosfunds.com/hybi/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  iShares Broad USD High Yield Corporate Bond ETF  | 31.9% |
|  Xtrackers USD High Yield Corporate Bond ETF  | 31.6% |
|  State Street SPDR Portfolio High Yield Bond ETF  | 31.0% |
|  First American Treasury Obligations Fund  | 5.3% |
|  Northern US Government Money Market Fund  | 0.2% |
|  S&P 500 Index Purchased/Written Options  | 0.0%\* |

---

\* Represents less than 0.05%.

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/hybi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Enhanced Income Credit Select ETF PAGE 2 TSR-AR-78433H584

------

---

| | | |
|:---|:---|:---|
| ![image](img635540_202602091524731.jpg) | **NEOS Ethereum High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img635540_202602091524731.jpg) | NEHI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img635540_202602091524731.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Ethereum High Income ETF (the "Fund" or "NEHI") for the period of December 3, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/nehi/. You can also request this information by contacting us at (866)-498-5677.

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Ethereum High Income ETF | $8 | 0.98% |

---

\* Amount shown reflects the expenses of the Fund from December 3, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period December 3, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 0.74% compared to its benchmark index, the CME CF ETH-USD Reference Rate 4PM NY, which returned -0.94%. The Fund outperformed the CME CF ETH-USD Reference Rate 4PM NY, its reference index, during the Reporting Period. This outperfomance is attributed to the active laddered call strategy which added income to the Fund during the ethereum sell-off.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7030img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/03/2025)** |
| **NEOS Ethereum High Income ETF NAV**  | 0.74 |
| **S&P 500® Total Return Index**  | 0.34 |
| **CME CF ETH-USD Reference Rate 4PM NY**  | -0.94 |

---

Visit https://neosfunds.com/nehi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS Ethereum High Income ETF PAGE 1 TSR-AR-78433H535

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $12725612 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $4363 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |
| **Distribution Rate** | 34.57% |

---

Visit https://neosfunds.com/nehi/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bill  | 60.1% |
|  iShares Ethereum Trust ETF  | 24.4% |
|  First American Treasury Obligations Fund  | 2.7% |
|  Northern U.S. Government Select Money Market Fund  | 0.0%\* |
|  iShares Ethereum Trust ETF Purchased/Written Options  | -3.0% |

---

\* Represents less than 0.05%.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/nehi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Ethereum High Income ETF PAGE 2 TSR-AR-78433H535

------

---

| | | |
|:---|:---|:---|
| ![image](img635539_202602091523842.jpg) | **NEOS Gold High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img635539_202602091523842.jpg) | IAUI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img635539_202602091523842.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Gold High Income ETF (the "Fund" or "IAUI") for the period of June 5, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/iaui/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Gold High Income ETF | $49 | 0.78% |

---

\* Amount shown reflects the expenses of the Fund from June 5, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 5, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 20.15% compared to its benchmark index, the S&P 500® Total Return Index, which returned 15.46%. The Fund outperformed the S&P 500® Total Return Index, its benchmark index, primarily due to the change in the value of Gold exceeding the return of the S&P 500® Total Return Index during the Reporting Period.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7031img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(06/05/2025)** |
| **NEOS Gold High Income ETF NAV**  | 20.15 |
| **S&P 500® Total Return Index**  | 15.46 |

---

Visit https://neosfunds.com/iaui/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS Gold High Income ETF PAGE 1 TSR-AR-78433H550

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $276323074 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $485874 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 1.81% |
| **30-Day SEC Yield Unsubsidized** | 1.81% |
| **Distribution Rate** | 11.81% |

---

Visit https://neosfunds.com/iaui/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bill  | 67.9% |
|  Goldman Sachs Physical Gold ETF  | 24.1% |
|  First American Treasury Obligations Fund  | 0.8% |
|  SPDR Gold Shares Purchased/Written Options  | 0.1% |
|  Northern U.S. Government Select Money Market Fund  | 0.0%\* |

---

\* Represents less than 0.05%.

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/iaui/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Gold High Income ETF PAGE 2 TSR-AR-78433H550

------

---

| | | |
|:---|:---|:---|
| ![image](img635537_202602091521481.jpg) | **NEOS Long/Short Equity Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img635537_202602091521481.jpg) | NLSI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img635537_202602091521481.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Long/Short Equity Income ETF (the "Fund" or "NLSI") for the period of December 10, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/nlsi/. You can also request this information by contacting us at (866)-498-5677.

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Long/Short Equity Income ETF | $33 | 5.59% |

---

\* Amount shown reflects the expenses of the Fund from December 10, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period December 10, 2025 through December 31, 2025 (the "reporting period"), the Fund's net asset value ("NAV") return was 2.75% compared to its benchmark index, the S&P 500® Total Return Index, which returned 0.14%. The outperformance was related to stock selection and the put options overlay strategy.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7032img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/10/2025)** |
| **NEOS Long/Short Equity Income ETF NAV**  | 2.75 |
| **S&P 500® Total Return Index**  | 0.14 |

---

Visit https://neosfunds.com/nlsi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $5625516 |
| **Number of Holdings** | 68 |
| **Net Advisory Fee** | $1708 |
| **Portfolio Turnover** | 19% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |
| **Distribution Rate** | 5.56% |

---

Visit https://neosfunds.com/nlsi/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Long Security Issuers** |  |
|  United States Treasury Bill  | 16.4% |
|  Micron Technology, Inc.  | 4.4% |
|  Newmont Corp.  | 4.2% |
|  Airbnb, Inc.  | 4.2% |
|  Centene Corp.  | 4.1% |
|  Regeneron Pharmaceuticals, Inc.  | 4.1% |
|  General Motors Co.  | 4.1% |
|  Equity Residential  | 3.9% |
|  Capital One Financial Corp.  | 4.0% |
|  Invitation Homes, Inc.  | 3.9% |

---

---

| | |
|:---|:---|
| **Top 10 Short Security Issuers** |  |
|  Molina Healthcare, Inc.  | -1.9% |
|  Royal Caribbean Cruises Ltd.  | -1.9% |
|  Southwest Airlines Co.  | -1.9% |
|  Philip Morris International, Inc.  | -1.9% |
|  Marriott International, Inc.  | -1.8% |
|  Franklin Resources, Inc.  | -1.8% |
|  JPMorgan Chase & Co.  | -1.8% |
|  First Solar, Inc.  | -1.8% |
|  CoStar Group, Inc.  | -1.7% |
|  Equinix, Inc.  | -1.7% |

---

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/nlsi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

------

---

| | | |
|:---|:---|:---|
| ![image](img635545_202602091708669.jpg) | **NEOS MLP & Energy Infrastructure High** **Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img635545_202602091708669.jpg) | MLPI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img635545_202602091708669.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS MLP & Energy Infrastructure High Income ETF (the "Fund" or "MLPI") for the period of December 18, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/mlpi/. You can also request this information by contacting us at (866)-498-5677.

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS MLP & Energy Infrastructure High Income ETF | $2 | 0.68% |

---

\* Amount shown reflects the expenses of the Fund from December 18, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period December 18, 2025 through December 31, 2025 (the "reporting period"), the Fund's net asset value ("NAV") return was 1.28% compared to its benchmark index, the MerQube North America MLP & Energy Infrastructure Index, which returned 1.44%. The Fund's underperformance compared to the MerQube North America MLP & Energy Infrastructure Index, its benchmark index, during the Reporting Period is attributable to the active laddered call strategy utilizing AMLP call options which prevented the underlying equities to participate with more of the upside when the market moves higher.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7033img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/18/2025)** |
| **NEOS MLP & Energy Infrastructure High Income ETF NAV**  | 1.28 |
| **S&P 500® Total Return Index**  | 1.88 |
| **MerQube North America MLP & Energy Infrastructure Index**  | 1.44 |

---

Visit https://neosfunds.com/mlpi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $33991699 |
| **Number of Holdings** | 28 |
| **Net Advisory Fee** | $1297 |
| **Portfolio Turnover** | 0%\* |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |
| **Distribution Rate** | 15.66% |

---

Visit https://neosfunds.com/mlpi/ for more recent performance information.

\* Represents less than 0.05%.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Williams Cos., Inc.  | 9.8% |
|  Enbridge, Inc.  | 9.7% |
|  TC Energy Corp.  | 7.5% |
|  Kinder Morgan, Inc.  | 6.8% |
|  ONEOK, Inc.  | 5.7% |
|  Cheniere Energy, Inc.  | 5.0% |
|  Targa Resources Corp.  | 4.7% |
|  Energy Transfer LP  | 4.4% |
|  Pembina Pipeline Corp.  | 4.4% |
|  Enterprise Products Partners LP  | 4.4% |

---

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/mlpi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

------

---

| | | |
|:---|:---|:---|
| ![image](img635538_202602091522298.jpg) | **NEOS MSCI EAFE High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img635538_202602091522298.jpg) | NIHI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img635538_202602091522298.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS MSCI EAFE High Income ETF (the "Fund" or "NIHI") for the period of September 17, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/nihi/. You can also request this information by contacting us at (866)-498-5677.

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS MSCI EAFE High Income ETF | $18 | 0.61% |

---

\* Amount shown reflects the expenses of the Fund from September 17, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period September 17, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 4.84% compared to its benchmark index, the MSCI EAFE IMI USD Net Index, which returned 4.51%. The Fund outperformed the MSCI EAFE IMI USD Net Index, its benchmark index, during the Reporting Period. The outperformance is attributed to the active laddered call strategy which added premium to the Fund, which generated additional monthly income for the Fund.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7034img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(09/17/2025)** |
| **NEOS MSCI EAFE High Income ETF NAV**  | 4.84 |
| **MSCI EAFE IMI USD Net Index**  | 4.51 |

---

Visit https://neosfunds.com/nihi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $45055887 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $32934 |
| **Portfolio Turnover** | 0%\* |
| **30-Day SEC Yield** | 2.75% |
| **30-Day SEC Yield Unsubsidized** | 2.68% |
| **Distribution Rate** | 10.36% |

---

Visit https://neosfunds.com/nihi/ for more recent performance information.

\* Represents less than 0.05%.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  iShares Core MSCI EAFE ETF  | 100.0% |
|  First American Treasury Obligations Fund  | 0.9% |
|  MSCI EAFE Index Written Options  | -0.6% |

---

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/nihi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

------

---

| | | |
|:---|:---|:---|
| ![image](img462049_202507171943190.jpg) | **NEOS Nasdaq-100® Hedged Equity Income** **ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462049_202507171943190.jpg) | QQQH (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img11894_202412191724471.jpg) |
| ![image](img462049_202507171943190.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Nasdaq-100® Hedged Equity Income ETF (the "Fund" or "QQQH") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/qqqh/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Nasdaq-100® Hedged Equity Income ETF | $42 | 0.68% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 12.03% compared to its benchmark index, the NASDAQ 100® Total Return Index, which returned 18.79%. The Fund's underperformance during the Reporting Period compared to the NASDAQ 100® Total Return Index, its reference index, is attributable to the active put spread collar strategy which was able to provide a measure of downside protection during the market downturns, but not able to fully participate in the market rallies.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\*,** **\*\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7029img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **6/01/2025-**<br> **12/31/2025** | **1 Year** | **5 Year** | **Since Inception**<br>**(12/20/2019)** |
| **NEOS Nasdaq-100® Hedged Equity Income ETF NAV**  | 12.03 | 13.84 | 8.10 | 9.91 |
| **NASDAQ Composite Total Return Index**  | 22.04 | 21.14 | 13.35 | 18.18 |
| **NASDAQ 100® Total Return Index**  | 18.79 | 21.02 | 15.30 | 20.41 |

---

Visit https://neosfunds.com/qqqh/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares .*

NEOS Nasdaq-100® Hedged Equity Income ETF PAGE 1 TSR-AR-78433H576

------

\*\* The Fund acquired all the assets and liabilities of the Nationwide Nasdaq-100® Risk-Managed Income ETF, a series of the ETF Series Solutions (the "Predecessor Fund") in a reorganization on November 11, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward.

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $351813787 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $1345146 |
| **Portfolio Turnover** | 6% |
| **30-Day SEC Yield** | 0.02% |
| **30-Day SEC Yield Unsubsidized** | 0.02% |
| **Distribution Rate** | 9.18% |

---

Visit https://neosfunds.com/qqqh/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 9.5% |
|  Apple, Inc.  | 8.5% |
|  Microsoft Corp.  | 7.6% |
|  Alphabet, Inc.  | 7.4% |
|  Amazon.com, Inc.  | 5.2% |
|  Tesla, Inc.  | 4.0% |
|  Meta Platforms, Inc.  | 3.9% |
|  Broadcom, Inc.  | 3.3% |
|  Palantir Technologies, Inc.  | 2.2% |
|  Netflix, Inc.  | 2.1% |

---

**Sector Breakdown**

![image](ts7029img004.jpg)

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/qqqh/.

NEOS Nasdaq-100® Hedged Equity Income ETF PAGE 2 TSR-AR-78433H576

------

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Nasdaq-100® Hedged Equity Income ETF PAGE 3 TSR-AR-78433H576

------

---

| | | |
|:---|:---|:---|
| ![image](img462051_320250717194801.jpg) | **NEOS Nasdaq-100® High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462051_320250717194801.jpg) | QQQI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img11894_202412191724471.jpg) |
| ![image](img462051_320250717194801.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Nasdaq-100® High Income ETF (the "Fund" or "QQQI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/qqqi/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Nasdaq-100® High Income ETF | $43 | 0.68% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 16.27% compared to its benchmark index, the NASDAQ 100® Total Return Index, which returned 18.79%. The Fund's underperformance compared to the NASDAQ 100® Total Return Index, its reference index, during the Reporting Period is attributable to the active laddered call strategy utilizing NASDAQ 100® Index options which prevented the underlying equities to participate with more of the upside when the market moves higher.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7022img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6/01/2025-**<br> **12/31/2025** | **1 Year** | **Since Inception**<br>**(01/30/2024)** |
| **NEOS Nasdaq-100® High Income ETF NAV**  | 16.27 | 18.66 | 19.85 |
| **NASDAQ Composite Total Return Index**  | 22.04 | 21.14 | 23.79 |
| **NASDAQ 100® Total Return Index**  | 18.79 | 21.02 | 21.59 |

---

Visit https://neosfunds.com/qqqi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS Nasdaq-100® High Income ETF PAGE 1 TSR-AR-78433H675

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $7437736448 |
| **Number of Holdings** | 104 |
| **Net Advisory Fee** | $18477748 |
| **Portfolio Turnover** | 8% |
| **30-Day SEC Yield** | 0.02% |
| **30-Day SEC Yield Unsubsidized** | 0.02% |
| **Distribution Rate** | 14.17% |

---

Visit https://neosfunds.com/qqqi/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 9.5% |
|  Apple, Inc.  | 8.5% |
|  Microsoft Corp.  | 7.6% |
|  Alphabet, Inc.  | 7.5% |
|  Amazon.com, Inc.  | 5.2% |
|  Tesla, Inc.  | 4.0% |
|  Meta Platforms, Inc.  | 3.9% |
|  Broadcom, Inc.  | 3.3% |
|  Palantir Technologies, Inc.  | 2.2% |
|  Netflix, Inc.  | 2.1% |

---

**Sector Breakdown**

![image](ts7022img004.jpg)

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/qqqi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Nasdaq-100® High Income ETF PAGE 2 TSR-AR-78433H675

------

---

| | | |
|:---|:---|:---|
| ![image](img462047_202507171933203.jpg) | **NEOS Real Estate High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462047_202507171933203.jpg) | IYRI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img462047_202507171933203.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Real Estate High Income ETF (the "Fund" or "IYRI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/iyri/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Real Estate High Income ETF | $41 | 0.68% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 4.00% compared to its benchmark index, the Dow Jones U.S. Real Estate Capped Index (USD) TR, which returned 1.59%. The Fund outperformed the Dow Jones U.S. Real Estate Capped Index (USD) TR, its reference index, during the Reporting Period. The outperformance is attributed to the active ladder call strategy, which generated additional monthly income for the Fund.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7025img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **6/01/2025-**<br> **12/31/2025** | **Since Inception**<br>**(01/15/2025)** |
| **NEOS Real Estate High Income ETF NAV**  | 4.00 | 8.85 |
| **S&P 500® Total Return Index**  | 16.64 | 18.61 |
| **Dow Jones U.S. Real Estate Capped Index (USD) TR**  | 1.59 | 5.62 |

---

Visit https://neosfunds.com/iyri/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS Real Estate High Income ETF PAGE 1 TSR-AR-78433H618

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $176862061 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $438133 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | 3.19% |
| **30-Day SEC Yield Unsubsidized** | 3.19% |
| **Distribution Rate** | 11.32% |

---

Visit https://neosfunds.com/iyri/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Welltower, Inc.  | 9.5% |
|  Prologis, Inc.  | 9.0% |
|  American Tower Corp.  | 5.6% |
|  Equinix, Inc.  | 4.5% |
|  Simon Property Group, Inc.  | 4.4% |
|  Realty Income Corp.  | 3.9% |
|  Digital Realty Trust, Inc.  | 3.8% |
|  CBRE Group, Inc.  | 3.7% |
|  Public Storage  | 3.2% |
|  Crown Castle, Inc.  | 3.0% |

---

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/iyri/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Real Estate High Income ETF PAGE 2 TSR-AR-78433H618

------

---

| | | |
|:---|:---|:---|
| ![image](img462044_420250717192246.jpg) | **NEOS Russell 2000® High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462044_420250717192246.jpg) | IWMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img462044_420250717192246.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS Russell 2000® High Income ETF (the "Fund" or "IWMI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/iwmi/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Russell 2000® High Income ETF | $39 | 0.60% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 20.07% compared to its benchmark index, the Russell 2000® Total Return Index, which returned 21.10%. The Fund's underperformance compared to the Russell 2000® Total Return Index, its reference index, during the Reporting Period is attributable to the active laddered call strategy utilizing Russell 2000® Index options which prevented the underlying equities to participate with more of the upside when the market moves higher.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7027img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6/01/2025-**<br> &nbsp;&nbsp;&nbsp;&nbsp;**12/31/2025** | **1 Year** | **Since Inception**<br>**(06/25/2024)** |
| **NEOS Russell 2000® High Income ETF NAV**  | 20.07 | 15.20 | 14.29 |
| **S&P 500® Total Return Index**  | 16.64 | 17.88 | 17.71 |
| **Russell 2000® Total Return Index**  | 21.10 | 12.81 | 15.67 |

---

Visit https://neosfunds.com/iwmi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS Russell 2000® High Income ETF PAGE 1 TSR-AR-78433H634

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $451009752 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $1037805 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.63% |
| **30-Day SEC Yield Unsubsidized** | 0.56% |
| **Distribution Rate** | 14.20% |

---

Visit https://neosfunds.com/iwmi/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Vanguard Russell 2000 ETF  | 99.6% |
|  First American Treasury Obligations Fund  | 0.6% |
|  Russell 2000 Index Written Options  | -0.9% |

---

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/iwmi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS Russell 2000® High Income ETF PAGE 2 TSR-AR-78433H634

------

---

| | | |
|:---|:---|:---|
| ![image](img462053_202507171955734.jpg) | **NEOS S&P 500® Hedged Equity Income** **ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462053_202507171955734.jpg) | SPYH (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img462053_202507171955734.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS S&P 500® Hedged Equity Income ETF (the "Fund" or "SPYH") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/spyh/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS S&P 500® Hedged Equity Income ETF | $42 | 0.68% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 13.10% compared to its benchmark index, the S&P 500® Total Return Index, which returned 16.64%. The Fund's underperformance during the Reporting Period compared to the S&P 500® Total Return Index, its benchmark index, is attributable to the active put spread collar strategy which was able to provide a measure of downside protection during the market downturns, but not able to fully participate in the market rallies.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7026img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **6/01/2025-**<br> **12/31/2025** | **Since Inception**<br>**(04/03/2025)** |
| **NEOS S&P 500® Hedged Equity Income ETF NAV**  | 13.10 | 16.66 |
| **S&P 500® Total Return Index**  | 16.64 | 21.85 |

---

Visit https://neosfunds.com/spyh/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS S&P 500® Hedged Equity Income ETF PAGE 1 TSR-AR-78433H568

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18174502 |
| **Number of Holdings** | 488 |
| **Net Advisory Fee** | $38617 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | 0.54% |
| **30-Day SEC Yield Unsubsidized** | 0.54% |
| **Distribution Rate** | 7.67% |

---

Visit https://neosfunds.com/spyh/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 7.8% |
|  Apple, Inc.  | 6.9% |
|  Microsoft Corp.  | 6.2% |
|  Alphabet, Inc.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Broadcom, Inc.  | 2.8% |
|  Meta Platforms, Inc.  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc.  | 1.6% |
|  JPMorgan Chase & Co.  | 1.5% |

---

**Sector Breakdown**

![image](ts7026img004.jpg)

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/spyh/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS S&P 500® Hedged Equity Income ETF PAGE 2 TSR-AR-78433H568

------

---

| | | |
|:---|:---|:---|
| ![image](img462054_202507172000267.jpg) | **NEOS S&P 500® High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img462054_202507172000267.jpg) | SPYI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img462054_202507172000267.jpg) | Annual Shareholder Report \| December 31, 2025  | ![image](img11894_202412191724471.jpg) |

---

This annual shareholder report contains important information about the NEOS S&P 500® High Income ETF (the "Fund" or "SPYI") for the period of June 1, 2025, to December 31, 2025. You can find additional information about the Fund at https://neosfunds.com/spyi/. You can also request this information by contacting us at (866)-498-5677.

***This report describes changes to the Fund that occurred during the reporting period.***

**WHAT WERE THE FUND COSTS FOR THE PERIOD?** (based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS S&P 500® High Income ETF | $43 | 0.68% |

---

\* Amount shown reflects the expenses of the Fund from June 1, 2025 through December 31, 2025. Expenses would be higher if the reporting period represented a full year.

\*\* Annualized

**HOW DID THE FUND PERFORM LAST YEAR AND WHAT AFFECTED ITS PERFORMANCE?**

For the period June 1, 2025 through December 31, 2025 (the "Reporting Period"), the Fund's net asset value ("NAV") return was 14.75% compared to its benchmark index, the S&P 500® Total Return Index, which returned 16.64%. The Fund's underperformance compared to the S&P 500® Total Return Index, its benchmark index, during the Reporting Period is attributable to the active laddered call strategy utilizing S&P 500® Index options which prevented the underlying equities to participate with more of the upside when the market moves higher.

**HOW DID THE FUND PERFORM** **SINCE INCEPTION?** **\***

The $10,000 chart reflects a hypothetical $10,000 investment. The chart uses total return NAV performance and assumes reinvestment of dividends and capital gains. Fund expenses, including management fees were deducted.

![image](ts7021img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | | |
|:---|:---|:---|:---|
|  | **6/01/2025-**<br> **12/31/2025** | **1 Year** | **Since Inception**<br>**(08/30/2022)** |
| **NEOS S&P 500® High Income ETF NAV**  | 14.75 | 16.66 | 14.72 |
| **S&P 500® Total Return Index**  | 16.64 | 17.88 | 18.92 |

---

Visit https://neosfunds.com/spyi/ for more recent performance information.

\* ***The Fund's past performance is not a good predictor of how the Fund will perform in the future.****The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.*

NEOS S&P 500® High Income ETF PAGE 1 TSR-AR-78433H303

------

**KEY FUND STATISTICS** (as of December 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6899340170 |
| **Number of Holdings** | 509 |
| **Net Advisory Fee** | $20775981 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | 0.54% |
| **30-Day SEC Yield Unsubsidized** | 0.54% |
| **Distribution Rate** | 11.89% |

---

Visit https://neosfunds.com/spyi/ for more recent performance information.

**WHAT DID THE FUND INVEST IN?** (% of net assets as of December 31, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 7.8% |
|  Apple, Inc.  | 6.9% |
|  Microsoft Corp.  | 6.2% |
|  Alphabet, Inc.  | 5.6% |
|  Amazon.com, Inc.  | 3.8% |
|  Broadcom, Inc.  | 2.8% |
|  Meta Platforms, Inc.  | 2.5% |
|  Tesla, Inc.  | 2.2% |
|  Berkshire Hathaway, Inc.  | 1.6% |
|  JPMorgan Chase & Co.  | 1.5% |

---

**Sector Breakdown**

![image](ts7021img004.jpg)

**HOW HAS THE FUND CHANGED?**

**Changes to the Fund's Fiscal Year:**

On September 9, 2025, the Board of Trustees approved a change in fiscal year end for the Fund to December 31 from May 31. As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31.

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

For additional information about the Fund; including its prospectus, financial information, holdings and proxy information, scan the QR code or visit https://neosfunds.com/spyi/.

**HOUSEHOLDING**

To reduce Fund expenses, only one copy of most shareholder documents may be mailed to shareholders with multiple accounts at the same address (Householding). If you would prefer that your NEOS Investment Management, LLC documents not be householded, please contact NEOS Investment Management, LLC at (866)-498-5677, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by NEOS Investment Management, LLC or your financial intermediary.

NEOS S&P 500® High Income ETF PAGE 2 TSR-AR-78433H303

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not applicable.

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

The registrant has adopted a code of ethics that applies to the registrant's principal executive officer and principal financial officer. The registrant has not made any substantive amendments to its code of ethics during the period covered by this report. The registrant has not granted any waivers from any provisions of the code of ethics during the period covered by this report.

A copy of the registrant's Code of Ethics is filed herewith.

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

The registrant's board of trustees has determined that there is at least one audit committee financial expert serving on its audit committee. John Jacobs is the "audit committee financial expert" and is considered to be "independent" as each term is defined in Item 3 of Form N-CSR.

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

The registrant has engaged its principal accountant to perform audit services, audit-related services, tax services and other services during the past two fiscal years. "Audit services" refer to performing an audit of the registrant's annual financial statements or services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements for those fiscal years. "Audit-related services" refer to the assurance and related services by the principal accountant that are reasonably related to the performance of the audit. "Tax services" refer to professional services rendered by the principal accountant for tax compliance, tax advice, and tax planning, including reviewing the Fund's tax returns and distribution calculations. There were no "Other services" provided by the principal accountant. For the fiscal year ended December 31, 2025, the Fund's principal accountant was Cohen & Company, Ltd. The following table details the aggregate fees billed or expected to be billed for each of the last two fiscal years for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 5/31/2025 |
| (a) Audit Fees | $184000 | $126500 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $77500 | $33000 |
| (d) All Other Fees |  |  |

---

(e)(1) The audit committee has adopted pre-approval policies and procedures that require the audit committee to pre-approve all audit and non-audit services of the registrant, including services provided to any entity affiliated with the registrant.

(e)(2) The percentage of fees billed by Cohen & Company, Ltd. applicable to non-audit services pursuant to waiver of pre-approval requirement were as follows:

---

| | | |
|:---|:---|:---|
| | FYE 12/31/2025 | FYE 5/31/2025 |
| Audit-Related Fees | 0% | 0% |
| Tax Fees | 0% | 0% |
| All Other Fees | 0% | 0% |

---

(f) Not applicable

(g) The following table indicates the non-audit fees billed or expected to be billed by the registrant's accountant for services to the registrant and to the registrant's investment adviser (and any other controlling entity, etc.—not sub-adviser) for the last two years.

 

<u>Non-Audit Related Fees</u> <u>FYE 12/31/2025</u> <u>FYE 5/31/2025</u> <br> Registrant None None <br> <u>Registrant's Investment Adviser</u> <u>None</u> <u>None</u>

(h) The audit committee of the board of trustees/directors has considered whether the provision of non-audit services that were rendered to the registrant's investment adviser is compatible with maintaining the principal accountant's independence and has concluded that the provision of such non-audit services by the accountant has not compromised the accountant's independence.

(i) Not applicable

(j) Not applicable

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

(a) The registrant is an issuer as defined in Rule 10A-3 under the Securities Exchange Act of 1934, (the "Act") and has a separately-designated standing audit committee established in accordance with Section 3(a)(58)(A) of the Act. The members of the committee are as follows:

Sharon Cheever

John Jacobs

Richard Keary

Robert Sherry

(b) Not applicable

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

&nbsp;&nbsp;&nbsp;&nbsp;(a) Schedule of Investments is included within the financial statements filed under Item 7(a) of this Form.

(b) Not Applicable.

**<u>Item 7. Financial Statements and Financial Highlights for Open-End Investment Companies.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The registrant's Financial Statements are filed herewith.

![](neos_logo.jpg)

**Annual Financial Statements and** 

**Additional Information** 

**December 31, 2025** 

---

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

---

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments and Written Options](#soi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [NEOS Bitcoin High Income ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income 1-3 Month T-Bill ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income 20+ Year Treasury Bond ETF](#soi3) | [5](#soi3) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Aggregate Bond ETF](#soi4) | [7](#soi4) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Credit Select ETF](#soi5) | [9](#soi5) |
| &nbsp;&nbsp;&nbsp; [NEOS Ethereum High Income ETF](#soi6) | [11](#soi6) |
| &nbsp;&nbsp;&nbsp; [NEOS Gold High Income ETF](#soi7) | [13](#soi7) |
| &nbsp;&nbsp;&nbsp; [NEOS Long/Short Equity Income ETF](#soi8) | [15](#soi8) |
| &nbsp;&nbsp;&nbsp; [NEOS MLP & Energy Infrastructure High Income ETF](#soi9) | [21](#soi9) |
| &nbsp;&nbsp;&nbsp; [NEOS MSCI EAFE High Income ETF](#soi10) | [24](#soi10) |
| &nbsp;&nbsp;&nbsp; [NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF](#soi11) | [26](#soi11) |
| &nbsp;&nbsp;&nbsp; [NEOS Nasdaq-100<sup>®</sup> High Income ETF](#soi12) | [32](#soi12) |
| &nbsp;&nbsp;&nbsp; [NEOS Real Estate High Income ETF](#soi13) | [38](#soi13) |
| &nbsp;&nbsp;&nbsp; [NEOS Russell 2000<sup>®</sup> High Income ETF](#soi14) | [42](#soi14) |
| &nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF](#soi15) | [44](#soi15) |
| &nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> High Income ETF](#soi16) | [60](#soi16) |
| [Statements of Assets and Liabilities](#sal) | [77](#sal) |
| [Statements of Operations](#sop) | [81](#sop) |
| [Statements of Changes in Net Assets](#scna) | [86](#scna) |
| [Statement of Cash Flows](#cash) | [93](#cash) |
| [Financial Highlights](#fihi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [NEOS Bitcoin High Income ETF](#fihi1) | [94](#fihi1) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income 1-3 Month T-Bill ETF](#fihi2) | [95](#fihi2) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income 20+ Year Treasury Bond ETF](#fihi3) | [96](#fihi3) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Aggregate Bond ETF](#fihi4) | [97](#fihi4) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Credit Select ETF](#fihi5) | [98](#fihi5) |
| &nbsp;&nbsp;&nbsp; [NEOS Ethereum High Income ETF](#fihi6) | [99](#fihi6) |
| &nbsp;&nbsp;&nbsp; [NEOS Gold High Income ETF](#fihi7) | [100](#fihi7) |
| &nbsp;&nbsp;&nbsp; [NEOS Long/Short Equity Income ETF](#fihi8) | [101](#fihi8) |
| &nbsp;&nbsp;&nbsp; [NEOS MLP & Energy Infrastructure High Income ETF](#fihi9) | [102](#fihi9) |
| &nbsp;&nbsp;&nbsp; [NEOS MSCI EAFE High Income ETF](#fihi10) | [103](#fihi10) |
| &nbsp;&nbsp;&nbsp; [NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF](#fihi11) | [104](#fihi11) |
| &nbsp;&nbsp;&nbsp; [NEOS Nasdaq-100<sup>®</sup> High Income ETF](#fihi12) | [105](#fihi12) |
| &nbsp;&nbsp;&nbsp; [NEOS Real Estate High Income ETF](#fihi13) | [106](#fihi13) |
| &nbsp;&nbsp;&nbsp; [NEOS Russell 2000<sup>®</sup> High Income ETF](#fihi14) | [107](#fihi14) |
| &nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF](#fihi15) | [108](#fihi15) |
| &nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> High Income ETF](#fihi16) | [109](#fihi16) |
| [Notes to the Financial Statements](#notes) | [110](#notes) |
| [Report of Independent Registered Public Accounting Firm](#report) | [143](#report) |

---

------

****TABLE OF CONTENTS**(Continued)** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Other Non-Audited Information](#other) | [145](#other) |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#change) | [148](#change) |
| [Proxy Disclosures for Open-End Management Investment Companies](#proxy) | [149](#proxy) |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#remun) | [150](#remun) |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#statem) | [151](#statem) |

---

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS BITCOIN HIGH INCOME ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 24.4%**<br>|  |  |  |
| iShares Bitcoin Trust ETF<sup>(a)</sup> |  | 2150607 | $106777638  |
| VanEck Bitcoin ETF<sup>(a)</sup> |  | 5406937 | 133713552  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $276,933,931)** |  |  | 240491190  |
| **PURCHASED OPTIONS - 7.7%** | **Notional** <br>**Amount** | **Contracts** |  |
| **Call Options - 7.7%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; CBOE Bitcoin U.S. ETF Index<sup>(b)(c)</sup><br>Expiration: 04/17/2026; Exercise Price: $2,070.00 | $741044595 | 3585 | 76360500  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $75,740,346)** |  |  | 76360500  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **U.S. TREASURY BILLS - 74.4%**<br>|  |  |  |
| 3.81%, 02/05/2026<sup>(d)</sup> |  | $737470000 | 735010523  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $734,743,870)** |  |  | 735010523  |
|  |  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.2%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(e)</sup> |  | 19857883 | 19857883  |
| Northern U.S. Government Select Money Market Fund, 3.48%<sup>(e)</sup> |  | 1894307 | 1894307  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $21,752,190)** |  |  | 21752190  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 108.7%** <br>**(Cost $1,109,170,337)** |  |  | 1073614403  |
| Liabilities in Excess of Other Assets - (8.7)% |  |  | (86009129)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $987605274 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

1<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Bitcoin High Income ETF** 

**Consolidated Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (8.1)%** <br>|  |  |  |
| **Call Options - (1.4)%**<br>|  |  |  |
| CBOE Bitcoin U.S. ETF Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $2,230.00 | $(247014865) | (1195) | $(8245500)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $2,330.00 | (247014865) | (1195) | (5258000)  |
| **Total Call Options** |  |  | (13503500)  |
| **Put Options - (6.7)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; CBOE Bitcoin U.S. ETF Index<sup>(a)(b)</sup><br>Expiration: 04/17/2026; Exercise Price: $2,070.00 | (741044595) | (3585) | (66322500)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $79,131,621)** |  |  | $(79826000) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

2<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Enhanced Income 1-3 Month T-Bill ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 0.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 0.0%<sup>(a)</sup>**  | **PURCHASED OPTIONS - 0.0%<sup>(a)</sup>**  |
| **Put Options - 0.0%<sup>(a)</sup>**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $5,900.00 | $200573150 | 293 | $35893  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $5,975.00 | 200573150 | 293 | 41020  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,050.00 | 200573150 | 293 | 47612  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,250.00 | 200573150 | 293 | 73982  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $186,618)** |  |  | 198507  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **U.S. TREASURY BILLS - 99.1%**<br>|  |  |  |
| 3.90%, 01/02/2026<sup>(d)</sup> |  | $36967000 | 36967000  |
| 3.87%, 01/08/2026<sup>(d)</sup> |  | 56596000 | 56563286  |
| 3.78%, 01/13/2026<sup>(d)</sup> |  | 53494000 | 53436813  |
| 3.73%, 01/15/2026<sup>(d)</sup> |  | 64462000 | 64379730  |
| 3.79%, 01/22/2026<sup>(d)</sup> |  | 60993000 | 60872765  |
| 3.77%, 01/27/2026<sup>(d)</sup> |  | 71765000 | 71589357  |
| 3.76%, 02/03/2026<sup>(d)</sup> |  | 62518000 | 62323427  |
| 3.79%, 02/05/2026<sup>(d)</sup> |  | 53710000 | 53530876  |
| 3.78%, 02/12/2026<sup>(d)</sup> |  | 66648000 | 66375929  |
| 3.79%, 02/19/2026<sup>(d)</sup> |  | 68671000 | 68345587  |
| 3.61%, 02/26/2026<sup>(d)</sup> |  | 67015000 | 66648212  |
| 3.55%, 03/10/2026<sup>(d)</sup> |  | 64028000 | 63614430  |
| 3.53%, 03/12/2026<sup>(d)</sup> |  | 74308000 | 73803749  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $798,283,420)** |  |  | 798451161  |
|  |  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(e)</sup> |  | 7192344 | 7192344  |
| Northern U.S. Government Select Money Market Fund, 3.48%<sup>(e)</sup> |  | 470505 | 470505  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $7,662,849)** |  |  | 7662849  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $806,132,887)** |  |  | $806312517  |
| Liabilities in Excess of Other Assets - (0.1)% |  |  | (478718)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $805833799 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

3<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Enhanced Income 1-3 Month T-Bill ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,175.00 | $(200573150) | &nbsp;&nbsp;&nbsp;&nbsp;(293) | $(62262)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,300.00 | (200573150) | &nbsp;&nbsp;&nbsp;&nbsp;(293) | (86435)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,375.00 | (200573150) | &nbsp;&nbsp;&nbsp;&nbsp;(293) | (109875)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,425.00 | (200573150) | &nbsp;&nbsp;&nbsp;&nbsp;(293) | (134780)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $360,020)** |  |  | $(393352) |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

4<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Enhanced Income 20+ Year Treasury Bond ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.8%**<br>|  |  |  |
| United States Treasury Note/Bond, 4.13%, 08/15/2053 |  | $10685000 | $9462068  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $9,708,643)** |  |  | 9462068 |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.0%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 0.0%<sup>(a)</sup>**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,125.00 | $2738200 | 4 | 750  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,200.00 | 2738200 | 4 | 890  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,225.00 | 2738200 | 4 | 950  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $2,491)** |  |  | 2590 |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(d)</sup> |  | 44887 | 44887  |
| Northern U.S. Government Money Market Fund, 3.49%<sup>(d)</sup> |  | 3726 | 3726  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $48,613)** |  |  | 48613  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.3%** <br>**(Cost $9,759,747)** |  |  | $9513271  |
| Other Assets in Excess of Liabilities - 1.7% |  |  | 162669  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $9675940 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

5<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Enhanced Income 20+ Year Treasury Bond ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional**<br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,400.00 | $(2738200) | &nbsp;&nbsp;&nbsp;&nbsp;(4) | $(1660)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,450.00 | (2738200) | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (2060)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,520.00 | (2738200) | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (2920)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $6,069)** |  |  | $(6640) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

6<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Enhanced Income Aggregate Bond ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 99.3%**<br>|  |  |  |
| iShares Core U.S. Aggregate Bond ETF<sup>(a)</sup> |  | 654351 | $65356578  |
| Vanguard Total Bond Market ETF<sup>(a)</sup> |  | 882131 | 65339443  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $129,973,458)** |  |  | 130696021 |
|  | **Notional** <br>**Amount**  | **Contracts**  |  |
| **PURCHASED OPTIONS - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| **Put Options - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,125.00 | $43126650 | 63 | 11813  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,200.00 | 43126650 | 63 | 14017  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,225.00 | 43126650 | 63 | 14963  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $39,245)** |  |  | 40793  |
|  |  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **MONEY MARKET FUNDS - 0.8%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(e)</sup> |  | 873361 | 873361  |
| Northern U.S. Government Select Money Market Fund, 3.48%<sup>(e)</sup> |  | 122968 | 122968  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $996,329)** |  |  | 996329  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $131,009,032)** |  |  | $131733143  |
| Liabilities in Excess of Other Assets - (0.1)% |  |  | (115172)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $131617971 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

7<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Enhanced Income Aggregate Bond ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,400.00 | $(43126650) | &nbsp;&nbsp;&nbsp;&nbsp;(63) | $(26145)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,450.00 | (43126650) | &nbsp;&nbsp;&nbsp;&nbsp;(63) | (32445)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,520.00 | (43126650) | &nbsp;&nbsp;&nbsp;&nbsp;(63) | (45990)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $95,588)** |  |  | $(104580) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

8<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Enhanced Income Credit Select ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares**  | **Value**  |
| **EXCHANGE TRADED FUNDS - 94.5%**<br>|  |  |  |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(a)</sup> |  | 1674354 | $62612468  |
| State Street SPDR Portfolio High Yield Bond ETF<sup>(a)</sup> |  | 2574955 | 60949185  |
| Xtrackers USD High Yield Corporate Bond ETF<sup>(a)</sup> |  | 1690556 | 62263177  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $184,949,074)** |  |  | 185824830  |
|  | **Notional** <br>**Amount**  | **Contracts**  |  |
| **PURCHASED OPTIONS - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| **Put Options - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,125.00 | $65032250 | 95 | 17813  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,200.00 | 65032250 | 95 | 21137  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,225.00 | 65032250 | 95 | 22563  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $59,179)** |  |  | 61513 |
|  |  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **MONEY MARKET FUNDS - 5.5%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(e)</sup> |  | 10349965 | 10349965  |
| Northern U.S. Government Money Market Fund, 3.49%<sup>(e)</sup> |  | 545895 | 545895  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $10,895,860)** |  |  | 10895860  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.0%** <br>**(Cost $195,904,113)** |  |  | $196782203  |
| Liabilities in Excess of Other Assets - (0.0)%<sup>(b)</sup> |  |  | (19112)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $196763091 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

9<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Enhanced Income Credit Select ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,400.00 | $(65032250) | &nbsp;&nbsp;&nbsp;&nbsp;(95) | $(39425)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,450.00 | (65032250) | &nbsp;&nbsp;&nbsp;&nbsp;(95) | (48925)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,520.00 | (65032250) | &nbsp;&nbsp;&nbsp;&nbsp;(95) | (69350)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $144,141)** |  |  | $(157700) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

10<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Ethereum High Income ETF** 

**CONSOLIDATED Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 24.4%**<br>|  |  |  |
| iShares Ethereum Trust ETF<sup>(a)(b)</sup> |  | 138342 | $3103011  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $3,101,677)** |  |  | 3103011 |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 10.0%**<br>|  |  |  |
| **Call Options - 10.0%**<br>|  |  |  |
| iShares Ethereum Trust ETF<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $23.00 | $9552937 | 4259 | 1277700  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,299,055)** |  |  | 1277700 |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **U.S. TREASURY BILLS - 60.1%**<br>|  |  |  |
| 3.56%, 02/26/2026<sup>(d)</sup> |  | $7679000 | 7636971  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $7,636,734)** |  |  | 7636971 |
|  |  | **Shares** |  |
| **MONEY MARKET FUNDS - 2.7%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(e)</sup> |  | 346722 | 346722  |
| Northern U.S. Government Select Money Market Fund, 3.48%<sup>(e)</sup> |  | 970 | 970  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $347,692)** |  |  | 347692  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 97.2%** <br>**(Cost $12,385,158)** |  |  | $12365374  |
| Other Assets in Excess of Liabilities - 2.8% |  |  | 360238  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $12725612 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

11<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Ethereum High Income ETF** 

**CONSOLIDATED Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (13.0)%**<br>|  |  |  |
| **Call Options - (2.0)%**<br>|  |  |  |
| iShares Ethereum Trust ETF<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $25.00 | $(3182817) | (1419) | $(162476)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $27.00 | (3182817) | (1419) | (92235)  |
| **Total Call Options** |  |  | (254711)  |
| **Put Options - (11.0)%**<br>|  |  |  |
| iShares Ethereum Trust ETF<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $23.00 | (9552937) | (4259) | (1405470)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,660,790)** |  |  | $(1660181) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

12<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Gold High Income ETF** 

**Consolidated Schedule of Investments** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 24.1%**<br>|  |  |  |
| Goldman Sachs Physical Gold ETF<sup>(a)</sup> |  | 1562360 | $66478418  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $59,072,453)** |  |  | 66478418  |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 4.0%**<br>|  |  |  |
| **Call Options - 4.0%**<br>|  |  |  |
| SPDR Gold Shares<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $395.00 | $207230499 | 5229 | 11153457  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $11,158,760)** |  |  | 11153457  |
|  |  | **Par** |  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **U.S. TREASURY BILLS - 67.9%**<br>|  |  |  |
| 3.75%, 02/05/2026<sup>(d)</sup> |  | $188225000 | 187597265  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $187,543,539)** |  |  | 187597265  |
|  |  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.8%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(e)</sup> |  | 2142913 | 2142913  |
| Northern U.S. Government Select Money Market Fund, 3.48%<sup>(e)</sup> |  | 94184 | 94184  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,237,097)** |  |  | 2237097  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 96.8%** <br>**(Cost $260,011,849)** |  |  | $267466237  |
| Other Assets in Excess of Liabilities - 3.2% |  |  | 8856837  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $276323074 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> FLexible EXchange<sup>®</sup> Options.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

13<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Gold High Income ETF** 

**Consolidated Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (4.0)%** | **WRITTEN OPTIONS - (4.0)%** | **WRITTEN OPTIONS - (4.0)%** | **WRITTEN OPTIONS - (4.0)%** |
| **Call Options - (1.1)%**<br>|  |  |  |
| SPDR Gold Shares<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $408.00 | $(75972627) | (1917) | $(1746387)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $418.00 | (75972627) | (1917) | (1171287)  |
| **Total Call Options** |  |  | (2917674)  |
| **Put Options - (2.9)%**<br>|  |  |  |
| SPDR Gold Shares<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 04/17/2026; Exercise Price: $395.00 | (207230499) | (5229) | (8089263)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $10,997,746)** |  |  | $(11006937) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> FLexible EXchange<sup>®</sup> Options.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

14<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Long/Short Equity Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 105.3%**<br>|  |  |
| **Automobile Components - 3.8%**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 2774 | $211074  |
| **Automobiles - 4.1%**<br>|  |  |
| General Motors Co. | 2824 | 229648  |
| **Biotechnology - 4.1%**<br>|  |  |
| Regeneron Pharmaceuticals, Inc. | 298 | 230017  |
| **Capital Markets - 7.7%**<br>|  |  |
| Ameriprise Financial, Inc. | 446 | 218691  |
| Invesco Ltd. | 8162 | 214416  |
|  |  | 433107  |
| **Consumer Finance - 3.9%**<br>|  |  |
| Capital One Financial Corp. | 917 | 222244  |
| **Electronic Equipment, Instruments & Components - 7.4%**<br>|  |  |
| TE Connectivity PLC | 943 | 214542  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 839 | 203726  |
|  |  | 418268  |
| **Ground Transportation - 3.9%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 2668 | 218002  |
| **Health Care Equipment & Supplies - 7.5%**<br>|  |  |
| Dexcom, Inc.<sup>(a)</sup> | 3308 | 219552  |
| Insulet Corp.<sup>(a)</sup> | 715 | 203232  |
|  |  | 422784  |
| **Health Care Providers & Services - 7.9%**<br>|  |  |
| Centene Corp.<sup>(a)</sup> | 5632 | 231757  |
| Universal Health Services, Inc. - Class B | 984 | 214532  |
|  |  | 446289  |
| **Hotels, Restaurants & Leisure - 7.9%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 1738 | 235881  |
| Booking Holdings, Inc. | 39 | 208858  |
|  |  | 444739  |
| **Insurance - 11.6%**<br>|  |  |
| Allstate Corp. | 1053 | 219182  |
| Marsh & McLennan Cos., Inc. | 1172 | 217429  |
| Progressive Corp. | 947 | 215651  |
|  |  | 652262  |
| **Metals & Mining - 4.2%**<br>|  |  |
| Newmont Corp. | 2367 | 236345  |
| **Semiconductors & Semiconductor Equipment - 8.2%**<br>|  |  |
| Micron Technology, Inc. | 874 | 249448  |
| NVIDIA Corp. | 1150 | 214475  |
|  |  | 463923  |

---

The accompanying notes are an integral part of these financial statements.

15<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Long/Short Equity Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  |  | **Shares** | **Value**  |
| **COMMON STOCKS - 105.3% (Continued)**  | **COMMON STOCKS - 105.3% (Continued)**  | **COMMON STOCKS - 105.3% (Continued)**  | **COMMON STOCKS - 105.3% (Continued)**  |
| **Software - 19.2%**<br>|  |  |  |
| Adobe, Inc.<sup>(a)</sup> |  | 617 | $215944  |
| Autodesk, Inc.<sup>(a)</sup> |  | 704 | 208391  |
| Salesforce, Inc. |  | 820 | 217226  |
| ServiceNow, Inc.<sup>(a)</sup> |  | 1423 | 217989  |
| Workday, Inc. - Class A<sup>(a)</sup> |  | 1023 | 219720  |
|  |  |  | 1079270  |
| **Wireless Telecommunication Services - 3.9%**<br>|  |  |  |
| T-Mobile US, Inc. |  | 1074 | 218065  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,904,972)** |  |  | 5926037  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 11.7%**<br>|  |  |  |
| **Residential REITs - 7.9%**<br>|  |  |  |
| Equity Residential |  | 3519 | 221838  |
| Invitation Homes, Inc. |  | 7937 | 220569  |
|  |  |  | 442407  |
| **Specialized REITs - 3.8%**<br>|  |  |  |
| VICI Properties, Inc. |  | 7639 | 214809  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $645,176)** |  |  | 657216 |
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| **Put Options - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,125.00 | &nbsp;&nbsp; $1369100 | 2 | 375  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,200.00 | &nbsp;&nbsp; 1369100 | 2 | 445  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,225.00 | &nbsp;&nbsp; 1369100 | 2 | 475  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $1,246)** |  |  | 1295  |
|  |  | **Par**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |  |
| **U.S. TREASURY BILLS - 16.4%**<br>|  |  |  |
| 3.56%, 03/05/2026<sup>(e)</sup> |  | $928000 | 922371  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $922,254)** |  |  | 922371  |

---

The accompanying notes are an integral part of these financial statements.

16<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Long/Short Equity Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **MONEY MARKET FUNDS - 1.1%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(f)</sup> | 61515 | $61515  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $61,515)** |  | 61515  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 134.5%** <br>**(Cost $7,535,163)** |  | $7568434  |
| Liabilities in Excess of Other Assets - (34.5)% |  | (1942918)  |
| **TOTAL NET ASSETS - 100.0%** |  | $5625516 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> The rate shown is the annualized yield as of December 31, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

17<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Long/Short Equity Income ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value** |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,400.00 | $(1369100) | &nbsp;&nbsp;&nbsp;&nbsp;(2) | $(830)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,450.00 | (1369100) | &nbsp;&nbsp;&nbsp;&nbsp;(2) | (1030)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/15/2026; Exercise Price: $6,520.00 | (1369100) | &nbsp;&nbsp;&nbsp;&nbsp;(2) | (1460)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $3,035)** |  |  | $(3320) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

18<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Long/Short Equity Income ETF** 

**Schedule of Securities Sold Short** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (46.0)%**<br>|  |  |
| **Banks - (1.8)%**<br>|  |  |
| JPMorgan Chase & Co. | (309) | $(99566)  |
| **Beverages - (1.7)%**<br>|  |  |
| Coca-Cola Co. | (1387) | (96965)  |
| **Capital Markets - (4.9)%**<br>|  |  |
| Coinbase Global, Inc. - Class A | (348) | (78696)  |
| Franklin Resources, Inc. | (4201) | (100362)  |
| Morgan Stanley | (543) | (96399)  |
|  |  | (275457)  |
| **Construction & Engineering - (1.5)%**<br>|  |  |
| Quanta Services, Inc. | (202) | (85256)  |
| **Consumer Staples Distribution & Retail - (1.7)%**<br>|  |  |
| Kroger Co. | (1527) | (95407)  |
| **Electrical Equipment - (1.7)%**<br>|  |  |
| Emerson Electric Co. | (704) | (93435)  |
| **Food Products - (1.7)%**<br>|  |  |
| Mondelez International, Inc. - Class A | (1760) | (94741)  |
| **Ground Transportation - (1.7)%**<br>|  |  |
| CSX Corp. | (2656) | (96280)  |
| **Health Care Providers & Services - (3.6)%**<br>|  |  |
| Humana, Inc. | (370) | (94768)  |
| Molina Healthcare, Inc. | (628) | (108983)  |
|  |  | (203751)  |
| **Hotels, Restaurants & Leisure - (5.4)%**<br>|  |  |
| Marriott International, Inc. - Class A | (327) | (101448)  |
| Royal Caribbean Cruises Ltd. | (381) | (106269)  |
| Starbucks Corp. | (1150) | (96842)  |
|  |  | (304559)  |
| **Machinery - (3.2)%**<br>|  |  |
| Caterpillar, Inc. | (159) | (91086)  |
| Deere & Co. | (191) | (88924)  |
|  |  | (180010)  |
| **Oil, Gas & Consumable Fuels - (1.7)%**<br>|  |  |
| Williams Cos., Inc. | (1569) | (94313)  |
| **Passenger Airlines - (1.9)%**<br>|  |  |
| Southwest Airlines Co. | (2571) | (106259)  |
| **Real Estate Management & Development - (1.7)%**<br>|  |  |
| CoStar Group, Inc. | (1462) | (98305)  |

---

The accompanying notes are an integral part of these financial statements.

19<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Long/Short Equity Income ETF** 

**Schedule of Securities Sold Short** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (46.0)% (Continued)** | **COMMON STOCKS - (46.0)% (Continued)** |  |
| **Semiconductors & Semiconductor Equipment - (3.4)%**<br>|  |  |
| Applied Materials, Inc. | (359) | $(92259)  |
| First Solar, Inc. | (381) | (99529)  |
|  |  | (191788)  |
| **Software - (1.5)%**<br>|  |  |
| Oracle Corp. | (435) | (84786)  |
| **Specialty Retail - (3.4)%**<br>|  |  |
| Home Depot, Inc. | (278) | (95660)  |
| Lowe's Cos., Inc. | (392) | (94535)  |
|  |  | (190195)  |
| **Tobacco - (1.8)%**<br>|  |  |
| Philip Morris International, Inc. | (650) | (104260)  |
| **Trading Companies & Distributors - (1.7)%**<br>|  |  |
| United Rentals, Inc. | (116) | (93881)  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Proceeds $2,597,300)** |  | (2589214)  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - (4.9)%**<br>|  |  |
| **Health Care REITs - (1.5)%**<br>|  |  |
| Welltower, Inc. | (467) | (86680)  |
| **Specialized REITs - (3.4)%**<br>|  |  |
| Digital Realty Trust, Inc. | (596) | (92207)  |
| Equinix, Inc. | (127) | (97302)  |
|  |  | (189509)  |
|  **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON (Proceeds $275,602)** |  | (276189)  |
| &nbsp;&nbsp;&nbsp; **TOTAL SECURITIES SOLD SHORT - (50.9)%** <br>**(Proceeds $2,872,902)** |  | $(2865403) |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"'). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

The accompanying notes are an integral part of these financial statements.

20<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS MLP & Energy Infrastructure High Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.5%**<br>|  |  |
| **Construction & Engineering - 3.1%**<br>|  |  |
| Centuri Holdings, Inc.<sup>(a)</sup> | 41345 | $1043961  |
| **Oil, Gas & Consumable Fuels - 96.4%<sup>(b)</sup>**<br>|  |  |
| Antero Midstream Corp. | 64464 | 1146815  |
| Cheniere Energy Partners LP | 20740 | 1109175  |
| Cheniere Energy, Inc. | 8773 | 1705383  |
| Delek Logistics Partners LP | 8772 | 391407  |
| DT Midstream, Inc. | 12376 | 1481160  |
| Enbridge, Inc. | 69088 | 3310377  |
| Energy Transfer LP | 91461 | 1508192  |
| Enterprise Products Partners LP | 46580 | 1493355  |
| Genesis Energy LP - Class A | 29309 | 457220  |
| Hess Midstream LP - Class A | 18564 | 640458  |
| Kinder Morgan, Inc. | 84185 | 2314246  |
| Kinetik Holdings, Inc. - Class A | 26725 | 963436  |
| MPLX LP | 27133 | 1448088  |
| NextDecade Corp.<sup>(a)</sup> | 138108 | 727829  |
| ONEOK, Inc. | 26452 | 1944222  |
| Pembina Pipeline Corp. | 39372 | 1501924  |
| Plains All American Pipeline LP | 47125 | 846365  |
| Plains GP Holdings LP - Class A | 30805 | 589608  |
| Rockpoint Gas Storage, Inc. - Class A | 43452 | 887584  |
| Targa Resources Corp. | 8705 | 1606072  |
| TC Energy Corp. | 45969 | 2534625  |
| Teekay Tankers Ltd. - Class A | 15437 | 824644  |
| Williams Cos., Inc. | 55352 | 3327209  |
|  |  | 32759394  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $33,790,828)** |  | 33803355  |
| **SHORT-TERM INVESTMENTS** <br>|  |  |
| **MONEY MARKET FUNDS - 0.4%** <br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(c)</sup> | 140763 | 140763  |
| Northern U.S. Government Select Money Market Fund, 3.48%<sup>(c)</sup> | 377 | 377  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $141,140)** |  | 141140  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $33,931,968)** |  | $33944495  |
| Other Assets in Excess of Liabilities - 0.1% |  | 47204  |
| **TOTAL NET ASSETS - 100.0%** |  | $33991699 |

---

The accompanying notes are an integral part of these financial statements.

21<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS MLP & Energy Infrastructure High Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LP - Limited Partnership

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

22<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS MLP & Energy Infrastructure High Income ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value** |
| **WRITTEN OPTIONS - (0.3)%**<br>|  |  |  |
| **Call Options - (0.3)%**<br>|  |  |  |
| Alerian MLP ETF<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $47.50 | $(10171600) | (2155) | $(60340)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $48.00 | (10171600) | (2155) | (34480)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $90,449)** |  |  | $(94820) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> FLexible EXchange<sup>®</sup> Options.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

23<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS MSCI EAFE High Income ETF** 

**Schedule of Investments** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 100.0%**<br>|  |  |
| iShares Core MSCI EAFE ETF<sup>(a)</sup> | 503520 | $45044900  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $44,720,731)** |  | 45044900  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.9%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(b)</sup> | 426177 | 426177  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $426,177)** |  | 426177  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.9%** <br>**(Cost $45,146,908)** |  | $45471077  |
| Liabilities in Excess of Other Assets - (0.9)% |  | (415190)  |
| **TOTAL NET ASSETS - 100.0%** |  | $45055887 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

24<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS MSCI EAFE High Income ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** | **WRITTEN OPTIONS - (0.6)%** |
| **Call Options - (0.6)%**<br>|  |  |  |
| MSCI EAFE Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $2,930.00 | $(13306485) | &nbsp;&nbsp;&nbsp;&nbsp;(46) | $(171810)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $2,970.00 | (13306485) | &nbsp;&nbsp;&nbsp;&nbsp;(46) | (98670)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $279,171)** |  |  | $(270480) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

25<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1%**<br>|  |  |
| **Aerospace & Defense - 0.2%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1458 | $828042  |
| **Automobiles - 4.0%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 31474 | 14154487  |
| **Beverages - 1.8%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 8519 | 772673  |
| Keurig Dr. Pepper, Inc. | 26293 | 736467  |
| Monster Beverage Corp.<sup>(a)</sup> | 18309 | 1403751  |
| PepsiCo, Inc. | 24913 | 3575514  |
|  |  | 6488405  |
| **Biotechnology - 3.1%**<br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 1769 | 703443  |
| Amgen, Inc. | 10037 | 3285210  |
| Gilead Sciences, Inc. | 22675 | 2783130  |
| Insmed, Inc.<sup>(a)</sup> | 2028 | 352953  |
| Regeneron Pharmaceuticals, Inc. | 1939 | 1496656  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 4764 | 2159807  |
|  |  | 10781199  |
| **Broadline Retail - 6.1%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 79042 | 18244474  |
| MercadoLibre, Inc.<sup>(a)</sup> | 935 | 1883333  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 12507 | 1418169  |
|  |  | 21545976  |
| **Chemicals - 1.1%**<br>|  |  |
| Linde PLC | 8519 | 3632417  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 2957 | 143651  |
|  |  | 3776068  |
| **Commercial Services & Supplies - 0.6%**<br>|  |  |
| Cintas Corp. | 7475 | 1405823  |
| Copart, Inc.<sup>(a)</sup> | 17662 | 691468  |
|  |  | 2097291  |
| **Communications Equipment - 1.6%**<br>|  |  |
| Cisco Systems, Inc. | 72068 | 5551398  |
| **Construction & Engineering - 0.2%**<br>|  |  |
| Ferrovial SE | 10600 | 684866  |
| **Consumer Staples Distribution & Retail - 2.0%**<br>|  |  |
| Costco Wholesale Corp. | 8071 | 6959946  |
| **Electric Utilities - 1.4%**<br>|  |  |
| American Electric Power Co., Inc. | 9927 | 1144682  |
| Constellation Energy Corp. | 5658 | 1998802  |

---

The accompanying notes are an integral part of these financial statements.

26<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1% (Continued)**  | **COMMON STOCKS - 99.1% (Continued)**  |  |
| **Electric Utilities - 1.4% (Continued)** | **Electric Utilities - 1.4% (Continued)** |  |
| Exelon Corp. | 18761 | $817792  |
| Xcel Energy, Inc. | 11106 | 820289  |
|  |  | 4781565  |
| **Energy Equipment & Services - 0.2%**<br>|  |  |
| Baker Hughes Co. | 18358 | 836023  |
| **Entertainment - 3.0%**<br>|  |  |
| Electronic Arts, Inc. | 4701 | 960555  |
| Netflix, Inc.<sup>(a)</sup> | 77701 | 7285246  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3494 | 894569  |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 45242 | 1303874  |
|  |  | 10444244  |
| **Financial Services - 0.3%**<br>|  |  |
| PayPal Holdings, Inc. | 17874 | 1043484  |
| **Food Products - 0.5%**<br>|  |  |
| Kraft Heinz Co. | 22840 | 553870  |
| Mondelez International, Inc. - Class A | 24088 | 1296657  |
|  |  | 1850527  |
| **GICS~Semiconductors & Semiconductor Equipment - 0.1%**<br>|  |  |
| Monolithic Power Systems, Inc. | 557 | 504843  |
| **Ground Transportation - 0.5%**<br>|  |  |
| CSX Corp. | 34801 | 1261536  |
| Old Dominion Freight Line, Inc. | 4095 | 642096  |
|  |  | 1903632  |
| **Health Care Equipment & Supplies - 1.7%**<br>|  |  |
| Dexcom, Inc.<sup>(a)</sup> | 7560 | 501757  |
| GE HealthCare Technologies, Inc. | 8817 | 723170  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1486 | 1005324  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 6504 | 3683606  |
|  |  | 5913857  |
| **Hotels, Restaurants & Leisure - 2.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 8065 | 1094582  |
| Booking Holdings, Inc. | 588 | 3148934  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 7610 | 1723513  |
| Marriott International, Inc. - Class A | 5055 | 1568263  |
| Starbucks Corp. | 21222 | 1787105  |
|  |  | 9322397  |
| **Industrial Conglomerates - 0.6%**<br>|  |  |
| Honeywell International, Inc. | 11590 | 2261093 |

---

The accompanying notes are an integral part of these financial statements.

27<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1% (Continued)**  | **COMMON STOCKS - 99.1% (Continued)**  |  |
| **Interactive Media & Services - 11.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 42928 | $13436464  |
| Alphabet, Inc. - Class C | 40084 | 12578359  |
| Meta Platforms, Inc. - Class A | 20639 | 13623598  |
|  |  | 39638421  |
| **IT Services - 1.2%**<br>|  |  |
| Cognizant Technology Solutions Corp. - Class A | 9114 | 756462  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 22152 | 3565807  |
|  |  | 4322269  |
| **Machinery - 0.3%**<br>|  |  |
| PACCAR, Inc. | 9795 | 1072650  |
| **Media - 0.7%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 2536 | 529390  |
| Comcast Corp. - Class A | 66903 | 1999731  |
|  |  | 2529121  |
| **Oil, Gas & Consumable Fuels - 0.2%**<br>|  |  |
| Diamondback Energy, Inc. | 5382 | 809076  |
| **Pharmaceuticals - 0.3%**<br>|  |  |
| AstraZeneca PLC - ADR | 10962 | 1007737  |
| **Professional Services - 1.2%**<br>|  |  |
| Automatic Data Processing, Inc. | 7372 | 1896299  |
| Paychex, Inc. | 6695 | 751045  |
| Thomson Reuters Corp. | 8367 | 1103524  |
| Verisk Analytics, Inc. | 2623 | 586739  |
|  |  | 4337607  |
| **Real Estate Management & Development - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 8121 | 546056  |
| **Semiconductors & Semiconductor Equipment - 24.1%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 29453 | 6307655  |
| Analog Devices, Inc. | 8936 | 2423443  |
| Applied Materials, Inc. | 14483 | 3721986  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 2567 | 280599  |
| ASML Holding NV | 1541 | 1648654  |
| Broadcom, Inc. | 33420 | 11566662  |
| Intel Corp.<sup>(a)</sup> | 92902 | 3428084  |
| KLA Corp. | 2399 | 2914977  |
| Lam Research Corp. | 23041 | 3944158  |
| Marvell Technology, Inc. | 15646 | 1329597  |
| Microchip Technology, Inc. | 10419 | 663899  |
| Micron Technology, Inc. | 20203 | 5766138  |
| NVIDIA Corp. | 179670 | 33508455  |

---

The accompanying notes are an integral part of these financial statements.

28<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1% (Continued)**  | **COMMON STOCKS - 99.1% (Continued)**  |  |
| **Semiconductors & Semiconductor Equipment - 24.1% (Continued)**  | **Semiconductors & Semiconductor Equipment - 24.1% (Continued)**  |  |
| NXP Semiconductors NV | 4720 | $1024523  |
| QUALCOMM, Inc. | 19670 | 3364554  |
| Texas Instruments, Inc. | 16609 | 2881495  |
|  |  | 84774879  |
| **Software - 16.7%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 7717 | 2700873  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 5578 | 3758568  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 3084 | 500040  |
| Autodesk, Inc.<sup>(a)</sup> | 4019 | 1189664  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 4958 | 1549772  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 4563 | 2138952  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 6063 | 824507  |
| Fortinet, Inc.<sup>(a)</sup> | 14256 | 1132069  |
| Intuit, Inc. | 5075 | 3361782  |
| Microsoft Corp. | 54929 | 26564763  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 44406 | 7893166  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 12172 | 2242082  |
| Roper Technologies, Inc. | 2001 | 890705  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 4865 | 739237  |
| Synopsys, Inc.<sup>(a)</sup> | 3447 | 1619125  |
| Workday, Inc. - Class A<sup>(a)</sup> | 4024 | 864275  |
| Zscaler, Inc.<sup>(a)</sup> | 2824 | 635174  |
|  |  | 58604754  |
| **Specialty Retail - 0.7%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 15880 | 1448415  |
| Ross Stores, Inc. | 6070 | 1093450  |
|  |  | 2541865  |
| **Technology Hardware, Storage & Peripherals - 9.1%**<br>|  |  |
| Apple, Inc. | 109806 | 29851859  |
| Seagate Technology Holdings PLC | 4271 | 1176191  |
| Western Digital Corp. | 4664 | 803467  |
|  |  | 31831517  |
| **Trading Companies & Distributors - 0.2%**<br>|  |  |
| Fastenal Co. | 21361 | 857217  |
| **Wireless Telecommunication Services - 1.2%**<br>|  |  |
| T-Mobile US, Inc. | 20482 | 4158665  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $208,824,427)** |  | 348761177 |

---

The accompanying notes are an integral part of these financial statements.

29<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **PURCHASED OPTIONS - 1.1%**<br>|  |  |  |
| **Put Options - 1.1%**<br>|  |  |  |
| NASDAQ-100<sup>®</sup> Index<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $24,075.00 | $345922945 | 137 | $3761335  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $3,671,383)** |  |  | 3761335 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.8%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(d)</sup> | 2827281 | 2827281  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,827,281)** |  | 2827281  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 101.0%** <br>**(Cost $215,323,091)** |  | $355349793  |
| Liabilities in Excess of Other Assets - (1.0)% |  | (3536006)  |
| **TOTAL NET ASSETS - 100.0%** |  | $351813787 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Exchange-traded.

<sup>(c)</sup> 100 shares per contract.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

30<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.6)%**<br>|  |  |  |
| **Call Options - (1.2)%**<br>|  |  |  |
| NASDAQ-100<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $25,850.00 | $(260073455) | &nbsp;&nbsp;&nbsp;&nbsp;(103) | $(4143690)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| NASDAQ-100<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $22,500.00 | (345922945) | &nbsp;&nbsp;&nbsp;&nbsp;(137) | (1402195)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,612,679)** |  |  | $(5545885) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

31<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1%**<br>|  |  |
| **Aerospace & Defense - 0.2%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 29606 | $16814136  |
| **Automobiles - 4.0%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 667279 | 300088712  |
| **Beverages - 1.9%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 179401 | 16271671  |
| Keurig Dr. Pepper, Inc. | 549706 | 15397265  |
| Monster Beverage Corp.<sup>(a)</sup> | 394817 | 30270619  |
| PepsiCo, Inc. | 537406 | 77128509  |
|  |  | 139068064  |
| **Biotechnology - 3.1%**<br>|  |  |
| Alnylam Pharmaceuticals, Inc.<sup>(a)</sup> | 36936 | 14687601  |
| Amgen, Inc. | 206617 | 67627810  |
| Gilead Sciences, Inc. | 489436 | 60073375  |
| Insmed, Inc.<sup>(a)</sup> | 42534 | 7402617  |
| Regeneron Pharmaceuticals, Inc. | 41790 | 32256447  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 100125 | 45392670  |
|  |  | 227440520  |
| **Broadline Retail - 6.1%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 1671106 | 385724687  |
| MercadoLibre, Inc.<sup>(a)</sup> | 17608 | 35467090  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 266856 | 30258802  |
|  |  | 451450579  |
| **Chemicals - 1.1%**<br>|  |  |
| Linde PLC | 182693 | 77898468  |
| **Commercial Services & Supplies - 0.6%**<br>|  |  |
| Cintas Corp. | 156170 | 29370892  |
| Copart, Inc.<sup>(a)</sup> | 389019 | 15230094  |
|  |  | 44600986  |
| **Communications Equipment - 1.6%**<br>|  |  |
| Cisco Systems, Inc. | 1522547 | 117281795  |
| **Construction & Engineering - 0.2%**<br>|  |  |
| Ferrovial SE | 222743 | 14391425  |
| **Consumer Staples Distribution & Retail - 2.0%**<br>|  |  |
| Costco Wholesale Corp. | 171540 | 147925804  |
| **Electric Utilities - 1.4%**<br>|  |  |
| American Electric Power Co., Inc. | 208701 | 24065312  |
| Constellation Energy Corp. | 121131 | 42791948  |
| Exelon Corp. | 394673 | 17203796  |
| Xcel Energy, Inc. | 230524 | 17026503  |
|  |  | 101087559  |

---

The accompanying notes are an integral part of these financial statements.

32<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1% (Continued)**  | **COMMON STOCKS - 99.1% (Continued)**  | **COMMON STOCKS - 99.1% (Continued)**  |
| **Energy Equipment & Services - 0.2%**<br>|  |  |
| Baker Hughes Co. | 386816 | $17615601  |
| **Entertainment - 3.0%**<br>|  |  |
| Electronic Arts, Inc. | 98682 | 20163693  |
| Netflix, Inc.<sup>(a)</sup> | 1645825 | 154312552  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 71220 | 18234457  |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 971299 | 27992837  |
|  |  | 220703539  |
| **Financial Services - 0.3%**<br>|  |  |
| PayPal Holdings, Inc. | 373830 | 21824195  |
| **Food Products - 0.5%**<br>|  |  |
| Kraft Heinz Co. | 479157 | 11619557  |
| Mondelez International, Inc. - Class A | 507567 | 27322332  |
|  |  | 38941889  |
| **Ground Transportation - 0.5%**<br>|  |  |
| CSX Corp. | 733929 | 26604926  |
| Old Dominion Freight Line, Inc. | 83320 | 13064576  |
|  |  | 39669502  |
| **Health Care Equipment & Supplies - 1.7%**<br>|  |  |
| Dexcom, Inc.<sup>(a)</sup> | 154931 | 10282771  |
| GE HealthCare Technologies, Inc. | 189951 | 15579781  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 30173 | 20412940  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 140937 | 79821079  |
|  |  | 126096571  |
| **Hotels, Restaurants & Leisure - 2.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 167522 | 22736086  |
| Booking Holdings, Inc. | 13164 | 70497564  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 156443 | 35431210  |
| Marriott International, Inc. - Class A | 110437 | 34261975  |
| Starbucks Corp. | 447266 | 37664270  |
|  |  | 200591105  |
| **Industrial Conglomerates - 0.7%**<br>|  |  |
| Honeywell International, Inc. | 248969 | 48571362  |
| **Interactive Media & Services - 11.3%**<br>|  |  |
| Alphabet, Inc. - Class A | 913958 | 286068854  |
| Alphabet, Inc. - Class C | 854618 | 268179129  |
| Meta Platforms, Inc. - Class A | 436137 | 287889672  |
|  |  | 842137655  |
| **IT Services - 1.2%**<br>|  |  |
| Cognizant Technology Solutions Corp. - Class A | 191755 | 15915665  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 475423 | 76528840  |
|  |  | 92444505  |

---

The accompanying notes are an integral part of these financial statements.

33<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1% (Continued)** <br>|  |  |
| **Machinery - 0.3%**<br>|  |  |
| PACCAR, Inc. | 209549 | $22947711  |
| **Media - 0.7%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 55970 | 11683738  |
| Comcast Corp. - Class A | 1448755 | 43303287  |
|  |  | 54987025  |
| **Oil, Gas & Consumable Fuels - 0.2%**<br>|  |  |
| Diamondback Energy, Inc. | 113801 | 17107704  |
| **Pharmaceuticals - 0.3%**<br>|  |  |
| AstraZeneca PLC - ADR | 230030 | 21146658  |
| **Professional Services - 1.2%**<br>|  |  |
| Automatic Data Processing, Inc. | 157171 | 40429096  |
| Paychex, Inc. | 140357 | 15745248  |
| Thomson Reuters Corp. | 179292 | 23646822  |
| Verisk Analytics, Inc. | 55765 | 12474073  |
|  |  | 92295239  |
| **Real Estate Management & Development - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 165412 | 11122303  |
| **Semiconductors & Semiconductor Equipment - 24.1%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 624468 | 133736067  |
| Analog Devices, Inc. | 192461 | 52195423  |
| Applied Materials, Inc. | 312649 | 80347667  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 52936 | 5786434  |
| ASML Holding NV | 31886 | 34113556  |
| Broadcom, Inc. | 710474 | 245895051  |
| Intel Corp.<sup>(a)</sup> | 1719341 | 63443683  |
| KLA Corp. | 47863 | 58157374  |
| Lam Research Corp. | 497624 | 85183276  |
| Marvell Technology, Inc. | 339191 | 28824451  |
| Microchip Technology, Inc. | 210553 | 13416437  |
| Micron Technology, Inc. | 429003 | 122441746  |
| Monolithic Power Systems, Inc. | 11430 | 10359695  |
| NVIDIA Corp. | 3798801 | 708476386  |
| NXP Semiconductors NV | 99444 | 21585315  |
| QUALCOMM, Inc. | 423534 | 72445491  |
| Texas Instruments, Inc. | 354646 | 61527535  |
|  |  | 1797935587  |

---

The accompanying notes are an integral part of these financial statements.

34<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 99.1% (Continued)** <br>|  |  |
| **Software - 16.6%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 167898 | $58762621  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 117049 | 78869957  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 68610 | 11124425  |
| Autodesk, Inc.<sup>(a)</sup> | 84166 | 24913978  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 104666 | 32716498  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 98030 | 45952543  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 126056 | 17142356  |
| Fortinet, Inc.<sup>(a)</sup> | 304827 | 24206312  |
| Intuit, Inc. | 107929 | 71494328  |
| Microsoft Corp. | 1163400 | 562643508  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 910882 | 161909276  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 264911 | 48796606  |
| Roper Technologies, Inc. | 42382 | 18865500  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 99179 | 15070249  |
| Synopsys, Inc.<sup>(a)</sup> | 71898 | 33771929  |
| Workday, Inc. - Class A<sup>(a)</sup> | 84881 | 18230741  |
| Zscaler, Inc.<sup>(a)</sup> | 59257 | 13328084  |
|  |  | 1237798911  |
| **Specialty Retail - 0.7%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 340624 | 31068315  |
| Ross Stores, Inc. | 128622 | 23169967  |
|  |  | 54238282  |
| **Technology Hardware, Storage & Peripherals - 9.0%**<br>|  |  |
| Apple, Inc. | 2323786 | 631744462  |
| Seagate Technology Holdings PLC | 71554 | 19705256  |
| Western Digital Corp. | 81415 | 14025362  |
|  |  | 665475080  |
| **Trading Companies & Distributors - 0.3%**<br>|  |  |
| Fastenal Co. | 463584 | 18603626  |
| **Wireless Telecommunication Services - 1.2%**<br>|  |  |
| T-Mobile US, Inc. | 442104 | 89764796  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $6,753,829,593)** |  | 7370066894  |

---

The accompanying notes are an integral part of these financial statements.

35<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(b)</sup> | 74685245 | $74685245  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $74,685,245)** |  | 74685245  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $6,828,514,838)** |  | $7444752139  |
| Liabilities in Excess of Other Assets - (0.1)% |  | (7015691)  |
| **TOTAL NET ASSETS - 100.0%** |  | $7437736448 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

ADR - American Depositary Receipt

PLC - Public Limited Company

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

36<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS NASDAQ-100<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%**<br>|  |  |  |
| **Call Options - (0.9)%**<br>|  |  |  |
| NASDAQ-100<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $25,825.00 | $(2396210765) | &nbsp;&nbsp;&nbsp;&nbsp;(949) | $(39250640)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $26,225.00 | (2396210765) | &nbsp;&nbsp;&nbsp;&nbsp;(949) | (24389300)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $65,346,874)** |  |  | $(63639940) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

37<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Real Estate High Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 90.9%**<br>|  |  |
| **Diversified REITs - 1.1%**<br>|  |  |
| WP Carey, Inc. | 30288 | $1949336  |
| **Health Care REITs - 15.4%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 21214 | 1038213  |
| Healthcare Realty Trust, Inc. | 48824 | 827567  |
| Healthpeak Properties, Inc. | 97213 | 1563185  |
| Omega Healthcare Investors, Inc. | 39011 | 1729748  |
| Sabra Health Care REIT, Inc. | 32506 | 615663  |
| Ventas, Inc. | 60548 | 4685204  |
| Welltower, Inc. | 90316 | 16763553  |
|  |  | 27223133  |
| **Hotel & Resort REITs - 1.0%**<br>|  |  |
| Host Hotels & Resorts, Inc. | 96516 | 1711229  |
| **Industrial REITs - 12.0%**<br>|  |  |
| Americold Realty Trust, Inc. | 36100 | 464246  |
| EastGroup Properties, Inc. | 6952 | 1238429  |
| First Industrial Realty Trust, Inc. | 18204 | 1042543  |
| Lineage, Inc. | 8028 | 280980  |
| Prologis, Inc. | 125346 | 16001671  |
| Rexford Industrial Realty, Inc. | 31056 | 1202488  |
| STAG Industrial, Inc. – Class A | 25587 | 940578  |
|  |  | 21170935  |
| **Mortgage Real Estate Investment Trusts REITs - 2.7%**<br>|  |  |
| AGNC Investment Corp. | 124588 | 1335583  |
| Annaly Capital Management, Inc. | 80188 | 1793004  |
| Rithm Capital Corp. | 71842 | 783078  |
| Starwood Property Trust, Inc. | 44441 | 800382  |
|  |  | 4712047  |
| **Office REITs - 1.8%**<br>|  |  |
| BXP, Inc. | 20024 | 1351220  |
| Cousins Properties, Inc. | 23034 | 593816  |
| Kilroy Realty Corp. | 14570 | 544481  |
| Vornado Realty Trust | 22669 | 754424  |
|  |  | 3243941  |
| **Residential REITs - 12.1%**<br>|  |  |
| American Homes 4 Rent - Class A | 43731 | 1403765  |
| AvalonBay Communities, Inc. | 19409 | 3519046  |
| Camden Property Trust | 14663 | 1614103  |
| Equity LifeStyle Properties, Inc. | 26325 | 1595558  |
| Equity Residential | 47331 | 2983746  |
| Essex Property Trust, Inc. | 8754 | 2290747  |
| Invitation Homes, Inc. | 79062 | 2197133  |

---

The accompanying notes are an integral part of these financial statements.

38<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Real Estate High Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 90.9% (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 90.9% (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 90.9% (Continued)**  |
| **Residential REITs - 12.1% (Continued)**  | **Residential REITs - 12.1% (Continued)**  | **Residential REITs - 12.1% (Continued)**  |
| Mid-America Apartment Communities, Inc. | 16030 | $2226727  |
| Sun Communities, Inc. | 16484 | 2042533  |
| UDR, Inc. | 41563 | 1524531  |
|  |  | 21397889  |
| **Retail REITs - 12.6%**<br>|  |  |
| Agree Realty Corp. | 14675 | 1057040  |
| Brixmor Property Group, Inc. | 42263 | 1108136  |
| Federal Realty Investment Trust | 10564 | 1064851  |
| Kimco Realty Corp. | 93966 | 1904691  |
| NNN REIT, Inc. | 25924 | 1027368  |
| Realty Income Corp. | 121348 | 6840387  |
| Regency Centers Corp. | 22333 | 1541647  |
| Simon Property Group, Inc. | 42295 | 7829227  |
|  |  | 22373347  |
| **Specialized REITs - 32.2%<sup>(a)</sup>**<br>|  |  |
| American Tower Corp. | 56848 | 9980803  |
| Crown Castle, Inc. | 60430 | 5370414  |
| CubeSmart | 31373 | 1130997  |
| Digital Realty Trust, Inc. | 43748 | 6768253  |
| Equinix, Inc. | 10436 | 7995646  |
| Extra Space Storage, Inc. | 29208 | 3803466  |
| Gaming and Leisure Properties, Inc. | 37921 | 1694689  |
| Iron Mountain, Inc. | 40471 | 3357069  |
| Lamar Advertising Co. - Class A | 12031 | 1522884  |
| Millrose Properties, Inc. - Class A | 16494 | 492676  |
| Public Storage | 21589 | 5602346  |
| SBA Communications Corp. | 14681 | 2839746  |
| VICI Properties, Inc. | 146403 | 4116852  |
| Weyerhaeuser Co. | 100485 | 2380490  |
|  |  | 57056331  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $163,466,265)** |  | 160838188  |
| **COMMON STOCKS - 8.3%**<br>|  |  |
| **Real Estate Management & Development - 8.3%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(b)</sup> | 40835 | 6565860  |
| CoStar Group, Inc.<sup>(b)</sup> | 58362 | 3924261  |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 6326 | 2128509  |
| Zillow Group, Inc. - Class A<sup>(b)</sup> | 7309 | 498693  |
| Zillow Group, Inc. - Class C<sup>(b)</sup> | 21936 | 1496474  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $14,629,683)** |  | 14613797  |

---

The accompanying notes are an integral part of these financial statements.

39<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Real Estate High Income ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(c)</sup> | 745375 | $745375  |
| Northern U.S. Government Money Market Fund, 3.49%<sup>(c)</sup> | 176193 | 176193  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $921,568)** |  | 921568  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.7%** <br>**(Cost $179,017,516)** |  | $176373553  |
| Other Assets in Excess of Liabilities - 0.3% |  | 488508  |
| **TOTAL NET ASSETS - 100.0%** |  | $176862061 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

REIT - Real Estate Investment Trust

<sup>(a)</sup> To the extent that the Fund invests more heavily in particular industries or sectors of the economy, its performance will be especially sensitive to developments that significantly affect those industries or sectors.

<sup>(b)</sup> Non-income producing security.

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

40<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Real Estate High Income ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%**<br>|  |  |  |
| **Call Options - (0.9)%**<br>|  |  |  |
| iShares U.S. Real Estate ETF<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $96.00 | $(65779334) | &nbsp;&nbsp; (7006) | $(875750)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $97.00 | (65779334) | &nbsp;&nbsp; (7006) | (630540)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,492,080)** |  |  | $(1506290) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> FLexible EXchange<sup>®</sup> Options.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

41<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS RUSSELL 2000<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 99.6%**<br>|  |  |
| Vanguard Russell 2000 ETF<sup>(a)</sup> | 4515753 | $449407739  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $422,221,968)** |  | 449407739  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(b)</sup> | 2656957 | 2656957  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,656,957)** |  | 2656957  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $424,878,925)** |  | $452064696  |
| Liabilities in Excess of Other Assets - (0.2)% |  | (1054944)  |
| **TOTAL NET ASSETS - 100.0%** |  | $451009752 |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Fair value of this security exceeds 25% of the Fund's net assets. Additional information for this security, including the financial statements, is available from the SEC's EDGAR database at www.sec.gov.

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

42<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS Russell 2000<sup>®</sup> High Income ETF** 

**Schedule of Written Options** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%**<br>|  |  |  |
| **Call Options - (0.9)%**<br>|  |  |  |
| Russell 2000<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $2,550.00 | $(145936132) | &nbsp;&nbsp;&nbsp;&nbsp;(588) | $(2384340)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $2,590.00 | (145936132) | &nbsp;&nbsp;&nbsp;&nbsp;(588) | (1596420)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,786,304)** |  |  | $(3980760) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

43<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8%**<br>|  |  |
| **Aerospace & Defense - 2.0%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 3 | $1704  |
| Boeing Co.<sup>(a)</sup> | 235 | 51023  |
| General Dynamics Corp. | 70 | 23566  |
| General Electric Co. | 335 | 103190  |
| Howmet Aerospace, Inc. | 132 | 27063  |
| L3Harris Technologies, Inc. | 66 | 19376  |
| Lockheed Martin Corp. | 66 | 31922  |
| Northrop Grumman Corp. | 33 | 18817  |
| RTX Corp. | 431 | 79045  |
| Textron, Inc. | 66 | 5753  |
| TransDigm Group, Inc. | 3 | 3990  |
|  |  | 365449  |
| **Air Freight & Logistics - 0.3%**<br>|  |  |
| C.H. Robinson Worldwide, Inc. | 33 | 5305  |
| Expeditors International of Washington, Inc. | 33 | 4917  |
| FedEx Corp. | 66 | 19065  |
| United Parcel Service, Inc. - Class B | 264 | 26186  |
|  |  | 55473  |
| **Automobile Components - 0.0%<sup>(b)</sup>**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 66 | 5022  |
| **Automobiles - 2.4%**<br>|  |  |
| Ford Motor Co. | 1353 | 17751  |
| General Motors Co. | 330 | 26836  |
| Tesla, Inc.<sup>(a)</sup> | 871 | 391706  |
|  |  | 436293  |
| **Banks - 3.8%**<br>|  |  |
| Bank of America Corp. | 2148 | 118140  |
| Citigroup, Inc. | 559 | 65230  |
| Citizens Financial Group, Inc. | 165 | 9638  |
| Fifth Third Bancorp | 231 | 10813  |
| Huntington Bancshares, Inc. | 495 | 8588  |
| JPMorgan Chase & Co. | 858 | 276465  |
| KeyCorp | 330 | 6811  |
| M&T Bank Corp. | 48 | 9671  |
| PNC Financial Services Group, Inc. | 132 | 27552  |
| Regions Financial Corp. | 297 | 8049  |
| Truist Financial Corp. | 462 | 22735  |
| US Bancorp | 528 | 28174  |
| Wells Fargo & Co. | 1006 | 93759  |
|  |  | 685625  |
| **Beverages - 1.1%**<br>|  |  |
| Brown-Forman Corp. - Class B | 66 | 1720  |
| Coca-Cola Co. | 1256 | 87807  |

---

The accompanying notes are an integral part of these financial statements.

44<br>

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**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Beverages - 1.1% (Continued)**  | **Beverages - 1.1% (Continued)**  |  |
| Constellation Brands, Inc. - Class A | 66 | $9105  |
| Keurig Dr. Pepper, Inc. | 396 | 11092  |
| Molson Coors Beverage Co. - Class B | 66 | 3081  |
| Monster Beverage Corp.<sup>(a)</sup> | 231 | 17711  |
| PepsiCo, Inc. | 431 | 61857  |
|  |  | 192373  |
| **Biotechnology - 1.7%**<br>|  |  |
| AbbVie, Inc. | 565 | 129097  |
| Amgen, Inc. | 168 | 54988  |
| Biogen, Inc.<sup>(a)</sup> | 66 | 11615  |
| Gilead Sciences, Inc. | 391 | 47991  |
| Incyte Corp.<sup>(a)</sup> | 66 | 6519  |
| Moderna, Inc.<sup>(a)</sup> | 132 | 3893  |
| Regeneron Pharmaceuticals, Inc. | 33 | 25472  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 70 | 31735  |
|  |  | 311310  |
| **Broadline Retail - 3.9%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 3028 | 698923  |
| eBay, Inc. | 165 | 14371  |
|  |  | 713294  |
| **Building Products - 0.4%**<br>|  |  |
| A O Smith Corp. - Class A | 33 | 2207  |
| Allegion PLC | 33 | 5254  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 33 | 3396  |
| Carrier Global Corp. | 264 | 13950  |
| Johnson Controls International PLC | 191 | 22872  |
| Masco Corp. | 66 | 4188  |
| Trane Technologies PLC | 66 | 25687  |
|  |  | 77554  |
| **Capital Markets - 3.3%**<br>|  |  |
| Ameriprise Financial, Inc. | 33 | 16181  |
| Ares Management Corp. - Class A | 55 | 8890  |
| Bank of New York Mellon Corp. | 231 | 26817  |
| Blackrock, Inc. | 35 | 37462  |
| Blackstone, Inc. | 231 | 35606  |
| Cboe Global Markets, Inc. | 33 | 8283  |
| Charles Schwab Corp. | 536 | 53552  |
| CME Group, Inc. - Class A | 103 | 28127  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 34 | 7689  |
| Franklin Resources, Inc. | 99 | 2365  |
| Goldman Sachs Group, Inc. | 94 | 82626  |
| Interactive Brokers Group, Inc. - Class A | 105 | 6752  |
| Intercontinental Exchange, Inc. | 198 | 32068  |
| Invesco Ltd. | 165 | 4335  |

---

The accompanying notes are an integral part of these financial statements.

45<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Capital Markets - 3.3% (Continued)**  | **Capital Markets - 3.3% (Continued)**  |  |
| KKR & Co., Inc. | 231 | $29448  |
| Moody's Corp. | 37 | 18901  |
| Morgan Stanley | 377 | 66929  |
| MSCI, Inc. | 5 | 2869  |
| Nasdaq, Inc. | 132 | 12821  |
| Northern Trust Corp. | 66 | 9015  |
| Raymond James Financial, Inc. | 66 | 10599  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 179 | 20245  |
| S&P Global, Inc. | 99 | 51736  |
| State Street Corp. | 99 | 12772  |
| T. Rowe Price Group, Inc. | 66 | 6757  |
|  |  | 592845  |
| **Chemicals - 0.9%**<br>|  |  |
| Air Products and Chemicals, Inc. | 66 | 16303  |
| Albemarle Corp. | 33 | 4668  |
| CF Industries Holdings, Inc. | 66 | 5105  |
| Corteva, Inc. | 231 | 15484  |
| Dow, Inc. | 231 | 5401  |
| DuPont de Nemours, Inc. | 132 | 5306  |
| Ecolab, Inc. | 70 | 18376  |
| International Flavors & Fragrances, Inc. | 99 | 6672  |
| Linde PLC | 137 | 58415  |
| LyondellBasell Industries NV - Class A | 99 | 4287  |
| Mosaic Co. | 99 | 2385  |
| PPG Industries, Inc. | 66 | 6762  |
| Sherwin-Williams Co. | 66 | 21386  |
|  |  | 170550  |
| **Commercial Services & Supplies - 0.5%**<br>|  |  |
| Cintas Corp. | 102 | 19183  |
| Copart, Inc.<sup>(a)</sup> | 297 | 11628  |
| Republic Services, Inc. | 66 | 13987  |
| Rollins, Inc. | 99 | 5942  |
| Veralto Corp. | 99 | 9878  |
| Waste Management, Inc. | 132 | 29002  |
|  |  | 89620  |
| **Communications Equipment - 0.8%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 332 | 43502  |
| Cisco Systems, Inc. | 1232 | 94901  |
| F5, Inc.<sup>(a)</sup> | 4 | 1021  |
| Motorola Solutions, Inc. | 37 | 14183  |
|  |  | 153607  |
| **Construction & Engineering - 0.2%**<br>|  |  |
| Comfort Systems USA, Inc. | 10 | 9333  |
| EMCOR Group, Inc. | 6 | 3671  |

---

The accompanying notes are an integral part of these financial statements.

46<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Construction & Engineering - 0.2% (Continued)**  | **Construction & Engineering - 0.2% (Continued)**  |  |
| Quanta Services, Inc. | 37 | $15616  |
|  |  | 28620  |
| **Construction Materials - 0.2%**<br>|  |  |
| CRH PLC | 201 | 25085  |
| Martin Marietta Materials, Inc. | 4 | 2491  |
| Vulcan Materials Co. | 33 | 9412  |
|  |  | 36988  |
| **Consumer Finance - 0.7%**<br>|  |  |
| American Express Co. | 169 | 62522  |
| Capital One Financial Corp. | 201 | 48714  |
| Synchrony Financial | 132 | 11013  |
|  |  | 122249  |
| **Consumer Staples Distribution & Retail - 1.8%**<br>|  |  |
| Costco Wholesale Corp. | 135 | 116416  |
| Dollar General Corp. | 66 | 8763  |
| Dollar Tree, Inc.<sup>(a)</sup> | 66 | 8118  |
| Kroger Co. | 231 | 14433  |
| Sysco Corp. | 165 | 12159  |
| Target Corp. | 165 | 16129  |
| Walmart, Inc. | 1372 | 152854  |
|  |  | 328872  |
| **Containers & Packaging - 0.2%**<br>|  |  |
| Amcor PLC | 495 | 4128  |
| Avery Dennison Corp. | 33 | 6002  |
| Ball Corp. | 99 | 5244  |
| International Paper Co. | 198 | 7799  |
| Packaging Corp. of America | 33 | 6806  |
| Smurfit WestRock PLC | 165 | 6381  |
|  |  | 36360  |
| **Distributors - 0.0%<sup>(b)</sup>**<br>|  |  |
| Genuine Parts Co. | 33 | 4058  |
| **Diversified Telecommunication Services - 0.6%**<br>|  |  |
| AT&T, Inc. | 2250 | 55890  |
| Verizon Communications, Inc. | 1359 | 55352  |
|  |  | 111242  |
| **Electric Utilities - 1.6%**<br>|  |  |
| Alliant Energy Corp. | 99 | 6436  |
| American Electric Power Co., Inc. | 198 | 22831  |
| Constellation Energy Corp. | 99 | 34974  |
| Duke Energy Corp. | 264 | 30943  |
| Edison International | 132 | 7923  |
| Entergy Corp. | 132 | 12201  |
| Evergy, Inc. | 66 | 4784  |

---

The accompanying notes are an integral part of these financial statements.

47<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Electric Utilities - 1.6% (Continued)**  | **Electric Utilities - 1.6% (Continued)**  |  |
| Eversource Energy | 132 | $8888  |
| Exelon Corp. | 330 | 14385  |
| FirstEnergy Corp. | 165 | 7387  |
| NextEra Energy, Inc. | 648 | 52021  |
| NRG Energy, Inc. | 66 | 10510  |
| PG&E Corp. | 759 | 12197  |
| Pinnacle West Capital Corp. | 33 | 2927  |
| PPL Corp. | 264 | 9245  |
| Southern Co. | 363 | 31654  |
| Xcel Energy, Inc. | 198 | 14624  |
|  |  | 283930  |
| **Electrical Equipment - 0.8%**<br>|  |  |
| AMETEK, Inc. | 66 | 13551  |
| Eaton Corp. PLC | 132 | 42043  |
| Emerson Electric Co. | 198 | 26279  |
| GE Vernova, Inc. | 71 | 46404  |
| Generac Holdings, Inc.<sup>(a)</sup> | 33 | 4500  |
| Hubbell, Inc. | 4 | 1776  |
| Rockwell Automation, Inc. | 33 | 12839  |
|  |  | 147392  |
| **Electronic Equipment, Instruments & Components - 0.7%**<br>|  |  |
| Amphenol Corp. - Class A | 396 | 53515  |
| CDW Corp. | 33 | 4495  |
| Corning, Inc. | 264 | 23116  |
| Jabil, Inc. | 33 | 7525  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 66 | 13411  |
| TE Connectivity PLC | 99 | 22523  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 4 | 971  |
|  |  | 125556  |
| **Energy Equipment & Services - 0.2%**<br>|  |  |
| Baker Hughes Co. | 330 | 15028  |
| Halliburton Co. | 297 | 8393  |
| SLB Ltd. | 462 | 17732  |
|  |  | 41153  |
| **Entertainment - 1.4%**<br>|  |  |
| Electronic Arts, Inc. | 66 | 13486  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 66 | 9405  |
| Netflix, Inc.<sup>(a)</sup> | 1320 | 123763  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 66 | 16898  |
| TKO Group Holdings, Inc. | 33 | 6897  |
| Walt Disney Co. | 557 | 63370  |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 792 | 22825  |
|  |  | 256644  |

---

The accompanying notes are an integral part of these financial statements.

48<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Financial Services - 4.0%**<br>|  |  |
| Apollo Global Management, Inc. | 165 | $23885  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 576 | 289526  |
| Block, Inc.<sup>(a)</sup> | 167 | 10870  |
| Corpay, Inc.<sup>(a)</sup> | 33 | 9931  |
| Fidelity National Information Services, Inc. | 198 | 13159  |
| Fiserv, Inc.<sup>(a)</sup> | 198 | 13300  |
| Global Payments, Inc. | 99 | 7663  |
| Jack Henry & Associates, Inc. | 33 | 6022  |
| Mastercard, Inc. - Class A | 256 | 146145  |
| PayPal Holdings, Inc. | 330 | 19265  |
| Visa, Inc. - Class A | 534 | 187279  |
|  |  | 727045  |
| **Food Products - 0.5%**<br>|  |  |
| Archer-Daniels-Midland Co. | 165 | 9486  |
| Bunge Global SA | 33 | 2940  |
| Conagra Brands, Inc. | 165 | 2856  |
| General Mills, Inc. | 198 | 9207  |
| Hershey Co. | 66 | 12011  |
| Hormel Foods Corp. | 99 | 2346  |
| J M Smucker Co. | 33 | 3228  |
| Kraft Heinz Co. | 297 | 7202  |
| Lamb Weston Holdings, Inc. | 33 | 1382  |
| McCormick & Co., Inc. | 99 | 6743  |
| Mondelez International, Inc. - Class A | 429 | 23093  |
| The Campbell's Co. | 66 | 1840  |
| Tyson Foods, Inc. - Class A | 99 | 5803  |
|  |  | 88137  |
| **Gas Utilities - 0.1%**<br>|  |  |
| Atmos Energy Corp. | 66 | 11064  |
| **Ground Transportation - 0.9%**<br>|  |  |
| CSX Corp. | 660 | 23925  |
| JB Hunt Transport Services, Inc. | 33 | 6413  |
| Norfolk Southern Corp. | 66 | 19056  |
| Old Dominion Freight Line, Inc. | 66 | 10349  |
| Uber Technologies, Inc.<sup>(a)</sup> | 666 | 54419  |
| Union Pacific Corp. | 198 | 45801  |
|  |  | 159963  |
| **Health Care Equipment & Supplies - 2.0%**<br>|  |  |
| Abbott Laboratories | 550 | 68910  |
| Align Technology, Inc.<sup>(a)</sup> | 33 | 5153  |
| Baxter International, Inc. | 165 | 3153  |
| Becton Dickinson & Co. | 99 | 19213  |
| Boston Scientific Corp.<sup>(a)</sup> | 495 | 47198  |
| Cooper Cos., Inc.<sup>(a)</sup> | 66 | 5409  |

---

The accompanying notes are an integral part of these financial statements.

49<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Health Care Equipment & Supplies - 2.0% (Continued)**  | **Health Care Equipment & Supplies - 2.0% (Continued)**  |  |
| Dexcom, Inc.<sup>(a)</sup> | 132 | $8761  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 198 | 16880  |
| GE HealthCare Technologies, Inc. | 165 | 13533  |
| Hologic, Inc.<sup>(a)</sup> | 66 | 4916  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 8 | 5412  |
| Insulet Corp.<sup>(a)</sup> | 33 | 9380  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 102 | 57769  |
| Medtronic PLC | 429 | 41210  |
| ResMed, Inc. | 36 | 8671  |
| Solventum Corp.<sup>(a)</sup> | 33 | 2615  |
| STERIS PLC | 33 | 8366  |
| Stryker Corp. | 101 | 35498  |
| Zimmer Biomet Holdings, Inc. | 66 | 5935  |
|  |  | 367982  |
| **Health Care Providers & Services - 1.6%**<br>|  |  |
| Cardinal Health, Inc. | 76 | 15618  |
| Cencora, Inc. | 66 | 22292  |
| Centene Corp.<sup>(a)</sup> | 165 | 6790  |
| Cigna Group | 72 | 19817  |
| CVS Health Corp. | 429 | 34045  |
| Elevance Health, Inc. | 66 | 23136  |
| HCA Healthcare, Inc. | 40 | 18674  |
| Henry Schein, Inc.<sup>(a)</sup> | 33 | 2494  |
| Humana, Inc. | 33 | 8452  |
| Labcorp Holdings, Inc. | 33 | 8279  |
| McKesson Corp. | 33 | 27070  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 4 | 694  |
| Quest Diagnostics, Inc. | 33 | 5727  |
| UnitedHealth Group, Inc. | 286 | 94411  |
| Universal Health Services, Inc. - Class B | 33 | 7195  |
|  |  | 294694  |
| **Hotels, Restaurants & Leisure - 1.5%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 132 | 17915  |
| Carnival Corp.<sup>(a)</sup> | 363 | 11086  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 462 | 17094  |
| Darden Restaurants, Inc. | 33 | 6073  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 102 | 23101  |
| Expedia Group, Inc. - Class A | 33 | 9349  |
| Hilton Worldwide Holdings, Inc. | 69 | 19820  |
| Las Vegas Sands Corp. | 132 | 8592  |
| Marriott International, Inc. - Class A | 66 | 20476  |
| McDonald's Corp. | 231 | 70601  |
| MGM Resorts International<sup>(a)</sup> | 66 | 2408  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 165 | 3683  |
| Royal Caribbean Cruises Ltd. | 69 | 19245  |

---

The accompanying notes are an integral part of these financial statements.

50<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Hotels, Restaurants & Leisure - 1.5% (Continued)**  | **Hotels, Restaurants & Leisure - 1.5% (Continued)**  |  |
| Starbucks Corp. | 396 | $33347  |
| Wynn Resorts Ltd. | 33 | 3971  |
| Yum! Brands, Inc. | 99 | 14977  |
|  |  | 281738  |
| **Household Durables - 0.2%**<br>|  |  |
| D.R. Horton, Inc. | 99 | 14259  |
| Garmin Ltd. | 38 | 7708  |
| Lennar Corp. - Class A | 66 | 6785  |
| PulteGroup, Inc. | 66 | 7739  |
|  |  | 36491  |
| **Household Products - 0.8%**<br>|  |  |
| Church & Dwight Co., Inc. | 99 | 8301  |
| Clorox Co. | 33 | 3328  |
| Colgate-Palmolive Co. | 264 | 20861  |
| Kimberly-Clark Corp. | 99 | 9988  |
| Procter & Gamble Co. | 736 | 105476  |
|  |  | 147954  |
| **Independent Power and Renewable Electricity Producers - 0.1%**<br>|  |  |
| AES Corp. | 231 | 3312  |
| Vistra Corp. | 99 | 15972  |
|  |  | 19284  |
| **Industrial Conglomerates - 0.4%**<br>|  |  |
| 3M Co. | 169 | 27057  |
| Honeywell International, Inc. | 201 | 39213  |
|  |  | 66270  |
| **Insurance - 1.9%**<br>|  |  |
| Aflac, Inc. | 165 | 18195  |
| Allstate Corp. | 99 | 20607  |
| American International Group, Inc. | 198 | 16939  |
| Aon PLC - Class A | 66 | 23290  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 132 | 12661  |
| Arthur J Gallagher & Co. | 70 | 18115  |
| Assurant, Inc. | 16 | 3854  |
| Brown & Brown, Inc. | 66 | 5260  |
| Chubb Ltd. | 117 | 36518  |
| Cincinnati Financial Corp. | 66 | 10779  |
| Globe Life, Inc. | 33 | 4615  |
| Hartford Insurance Group, Inc. | 99 | 13642  |
| Loews Corp. | 66 | 6950  |
| Marsh & McLennan Cos., Inc. | 165 | 30611  |
| MetLife, Inc. | 198 | 15630  |
| Principal Financial Group, Inc. | 66 | 5822  |
| Progressive Corp. | 198 | 45089  |
| Prudential Financial, Inc. | 132 | 14900  |

---

The accompanying notes are an integral part of these financial statements.

51<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Insurance - 1.9% (Continued)**  | **Insurance - 1.9% (Continued)**  |  |
| Travelers Cos., Inc. | 66 | $19144  |
| W.R. Berkley Corp. | 99 | 6942  |
| Willis Towers Watson PLC | 33 | 10844  |
|  |  | 340407  |
| **Interactive Media & Services - 8.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 1805 | 564965  |
| Alphabet, Inc. - Class C | 1449 | 454696  |
| Match Group, Inc. | 99 | 3197  |
| Meta Platforms, Inc. - Class A | 680 | 448861  |
|  |  | 1471719  |
| **IT Services - 1.0%**<br>|  |  |
| Accenture PLC - Class A | 198 | 53123  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 66 | 5759  |
| Cognizant Technology Solutions Corp. - Class A | 165 | 13695  |
| EPAM Systems, Inc.<sup>(a)</sup> | 33 | 6761  |
| Gartner, Inc.<sup>(a)</sup> | 33 | 8325  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 33 | 4095  |
| International Business Machines Corp. | 300 | 88863  |
| VeriSign, Inc. | 33 | 8017  |
|  |  | 188638  |
| **Leisure Products - 0.0%<sup>(b)</sup>**<br>|  |  |
| Hasbro, Inc. | 33 | 2706  |
| **Life Sciences Tools & Services - 0.9%**<br>|  |  |
| Agilent Technologies, Inc. | 99 | 13471  |
| Bio-Techne Corp. | 66 | 3881  |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 33 | 6583  |
| Danaher Corp. | 201 | 46013  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 66 | 14877  |
| Revvity, Inc. | 33 | 3193  |
| Thermo Fisher Scientific, Inc. | 106 | 61422  |
| Waters Corp.<sup>(a)</sup> | 4 | 1519  |
| West Pharmaceutical Services, Inc. | 33 | 9080  |
|  |  | 160039  |
| **Machinery - 1.6%**<br>|  |  |
| Caterpillar, Inc. | 137 | 78483  |
| Cummins, Inc. | 33 | 16845  |
| Deere & Co. | 70 | 32590  |
| Dover Corp. | 33 | 6443  |
| Fortive Corp. | 132 | 7288  |
| IDEX Corp. | 33 | 5872  |
| Illinois Tool Works, Inc. | 84 | 20689  |
| Ingersoll Rand, Inc. | 132 | 10457  |
| Nordson Corp. | 17 | 4087  |

---

The accompanying notes are an integral part of these financial statements.

52<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Machinery - 1.6% (Continued)**  | **Machinery - 1.6% (Continued)**  |  |
| Otis Worldwide Corp. | 132 | $11530  |
| PACCAR, Inc. | 165 | 18069  |
| Parker-Hannifin Corp. | 33 | 29006  |
| Pentair PLC | 66 | 6873  |
| Snap-on, Inc. | 4 | 1378  |
| Stanley Black & Decker, Inc. | 66 | 4903  |
| Westinghouse Air Brake Technologies Corp. | 66 | 14088  |
| Xylem, Inc. | 99 | 13482  |
|  |  | 282083  |
| **Media - 0.4%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 33 | 6889  |
| Comcast Corp. - Class A | 1133 | 33865  |
| Fox Corp. - Class A | 66 | 4822  |
| Fox Corp. - Class B | 33 | 2143  |
| News Corp. - Class A | 132 | 3448  |
| News Corp. - Class B | 33 | 978  |
| Omnicom Group, Inc. | 111 | 8963  |
| Paramount Skydance Corp. | 198 | 2653  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 105 | 3986  |
|  |  | 67747  |
| **Metals & Mining - 0.4%**<br>|  |  |
| Freeport-McMoRan, Inc. | 495 | 25141  |
| Newmont Corp. | 348 | 34748  |
| Nucor Corp. | 66 | 10765  |
| Steel Dynamics, Inc. | 33 | 5592  |
|  |  | 76246  |
| **Multi-Utilities - 0.6%**<br>|  |  |
| Ameren Corp. | 99 | 9886  |
| CenterPoint Energy, Inc. | 231 | 8857  |
| CMS Energy Corp. | 99 | 6923  |
| Consolidated Edison, Inc. | 132 | 13110  |
| Dominion Energy, Inc. | 297 | 17401  |
| DTE Energy Co. | 66 | 8513  |
| NiSource, Inc. | 165 | 6890  |
| Public Service Enterprise Group, Inc. | 165 | 13249  |
| Sempra | 231 | 20395  |
| WEC Energy Group, Inc. | 99 | 10441  |
|  |  | 115665  |
| **Oil, Gas & Consumable Fuels - 2.7%**<br>|  |  |
| APA Corp. | 132 | 3229  |
| Chevron Corp. | 591 | 90074  |
| ConocoPhillips | 386 | 36133  |
| Coterra Energy, Inc. | 264 | 6949  |
| Devon Energy Corp. | 231 | 8462  |

---

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Oil, Gas & Consumable Fuels - 2.7% (Continued)**  | **Oil, Gas & Consumable Fuels - 2.7% (Continued)**  |  |
| Diamondback Energy, Inc. | 66 | $9922  |
| EOG Resources, Inc. | 198 | 20792  |
| EQT Corp. | 198 | 10613  |
| Expand Energy Corp. | 66 | 7284  |
| Exxon Mobil Corp. | 1343 | 161617  |
| Kinder Morgan, Inc. | 660 | 18143  |
| Marathon Petroleum Corp. | 99 | 16100  |
| Occidental Petroleum Corp. | 231 | 9499  |
| ONEOK, Inc. | 198 | 14553  |
| Phillips 66 | 132 | 17033  |
| Targa Resources Corp. | 66 | 12177  |
| Valero Energy Corp. | 99 | 16116  |
| Williams Cos., Inc. | 429 | 25787  |
|  |  | 484483  |
| **Passenger Airlines - 0.2%**<br>|  |  |
| Delta Air Lines, Inc. | 231 | 16032  |
| Southwest Airlines Co. | 198 | 8183  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 132 | 14760  |
|  |  | 38975  |
| **Personal Care Products - 0.1%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 66 | 6911  |
| Kenvue, Inc. | 660 | 11385  |
|  |  | 18296  |
| **Pharmaceuticals - 3.3%**<br>|  |  |
| Bristol-Myers Squibb Co. | 693 | 37381  |
| Eli Lilly & Co. | 237 | 254699  |
| Johnson & Johnson | 749 | 155006  |
| Merck & Co., Inc. | 789 | 83050  |
| Pfizer, Inc. | 1791 | 44596  |
| Viatris, Inc. | 396 | 4930  |
| Zoetis, Inc. | 165 | 20760  |
|  |  | 600422  |
| **Professional Services - 0.5%**<br>|  |  |
| Automatic Data Processing, Inc. | 132 | 33954  |
| Broadridge Financial Solutions, Inc. | 33 | 7365  |
| Dayforce, Inc.<sup>(a)</sup> | 66 | 4565  |
| Equifax, Inc. | 33 | 7160  |
| Jacobs Solutions, Inc. | 33 | 4371  |
| Leidos Holdings, Inc. | 33 | 5953  |
| Paychex, Inc. | 99 | 11106  |
| Verisk Analytics, Inc. | 33 | 7382  |
|  |  | 81856  |

---

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Real Estate Management & Development - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 99 | $15918  |
| CoStar Group, Inc.<sup>(a)</sup> | 132 | 8876  |
|  |  | 24794  |
| **Semiconductors & Semiconductor Equipment - 14.2%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 511 | 109436  |
| Analog Devices, Inc. | 165 | 44748  |
| Applied Materials, Inc. | 250 | 64247  |
| Broadcom, Inc. | 1465 | 507036  |
| First Solar, Inc.<sup>(a)</sup> | 33 | 8621  |
| Intel Corp.<sup>(a)</sup> | 1367 | 50442  |
| KLA Corp. | 33 | 40098  |
| Lam Research Corp. | 400 | 68472  |
| Microchip Technology, Inc. | 198 | 12617  |
| Micron Technology, Inc. | 363 | 103604  |
| NVIDIA Corp. | 7607 | 1418705  |
| NXP Semiconductors NV | 70 | 15194  |
| ON Semiconductor Corp.<sup>(a)</sup> | 132 | 7148  |
| Qnity Electronics, Inc. | 66 | 5389  |
| QUALCOMM, Inc. | 340 | 58157  |
| Skyworks Solutions, Inc. | 66 | 4185  |
| Teradyne, Inc. | 66 | 12775  |
| Texas Instruments, Inc. | 299 | 51874  |
|  |  | 2582748  |
| **Software - 10.1%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 134 | 46899  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 67 | 45146  |
| Autodesk, Inc.<sup>(a)</sup> | 66 | 19537  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 73 | 22818  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 70 | 32813  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 71 | 9655  |
| Fortinet, Inc.<sup>(a)</sup> | 231 | 18344  |
| Gen Digital, Inc. | 198 | 5384  |
| Intuit, Inc. | 71 | 47032  |
| Microsoft Corp. | 2318 | 1121031  |
| Oracle Corp. | 530 | 103302  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 693 | 123181  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 231 | 42550  |
| PTC, Inc.<sup>(a)</sup> | 33 | 5749  |
| Roper Technologies, Inc. | 33 | 14689  |
| Salesforce, Inc. | 301 | 79738  |
| ServiceNow, Inc.<sup>(a)</sup> | 330 | 50553  |
| Synopsys, Inc.<sup>(a)</sup> | 39 | 18319  |
| Trimble, Inc.<sup>(a)</sup> | 99 | 7757  |
| Workday, Inc. - Class A<sup>(a)</sup> | 66 | 14175  |
|  |  | 1828672  |

---

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.8% (Continued)**  | **COMMON STOCKS - 97.8% (Continued)**  |  |
| **Specialty Retail - 1.5%**<br>|  |  |
| Best Buy Co., Inc. | 66 | $4417  |
| Carvana Co.<sup>(a)</sup> | 40 | 16881  |
| Home Depot, Inc. | 311 | 107015  |
| Lowe's Cos., Inc. | 170 | 40997  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 234 | 21343  |
| Ross Stores, Inc. | 99 | 17834  |
| TJX Cos., Inc. | 363 | 55760  |
| Tractor Supply Co. | 198 | 9902  |
| Williams-Sonoma, Inc. | 33 | 5894  |
|  |  | 280043  |
| **Technology Hardware, Storage & Peripherals - 7.4%**<br>|  |  |
| Apple, Inc. | 4627 | 1257896  |
| Dell Technologies, Inc. - Class C | 99 | 12462  |
| Hewlett Packard Enterprise Co. | 462 | 11097  |
| HP, Inc. | 330 | 7353  |
| NetApp, Inc. | 66 | 7068  |
| Sandisk Corp.<sup>(a)</sup> | 43 | 10207  |
| Seagate Technology Holdings PLC | 66 | 18176  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 165 | 4830  |
| Western Digital Corp. | 108 | 18605  |
|  |  | 1347694  |
| **Textiles, Apparel & Luxury Goods - 0.3%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 66 | 6842  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 33 | 6858  |
| NIKE, Inc. - Class B | 396 | 25229  |
| Tapestry, Inc. | 66 | 8433  |
|  |  | 47362  |
| **Tobacco - 0.6%**<br>|  |  |
| Altria Group, Inc. | 524 | 30214  |
| Philip Morris International, Inc. | 498 | 79879  |
|  |  | 110093  |
| **Trading Companies & Distributors - 0.1%**<br>|  |  |
| Fastenal Co. | 396 | 15891  |
| United Rentals, Inc. | 3 | 2428  |
|  |  | 18319  |
| **Water Utilities - 0.0%<sup>(b)</sup>**<br>|  |  |
| American Water Works Co., Inc. | 66 | 8613  |
| **Wireless Telecommunication Services - 0.2%**<br>|  |  |
| T-Mobile US, Inc. | 165 | 33502  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,915,306)** |  | 17783823  |

---

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.8%**<br>|  |  |
| **Health Care REITs - 0.3%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 66 | $3230  |
| Healthpeak Properties, Inc. | 231 | 3714  |
| Ventas, Inc. | 132 | 10214  |
| Welltower, Inc. | 198 | 36751  |
|  |  | 53909  |
| **Hotel & Resort REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| Host Hotels & Resorts, Inc. | 231 | 4096  |
| **Industrial REITs - 0.2%**<br>|  |  |
| Prologis, Inc. | 294 | 37532  |
| **Office REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| BXP, Inc. | 66 | 4454  |
| **Residential REITs - 0.2%**<br>|  |  |
| AvalonBay Communities, Inc. | 33 | 5983  |
| Camden Property Trust | 33 | 3633  |
| Equity Residential | 132 | 8321  |
| Essex Property Trust, Inc. | 33 | 8636  |
| Invitation Homes, Inc. | 198 | 5502  |
| Mid-America Apartment Communities, Inc. | 33 | 4584  |
| UDR, Inc. | 99 | 3631  |
|  |  | 40290  |
| **Retail REITs - 0.3%**<br>|  |  |
| Federal Realty Investment Trust | 33 | 3327  |
| Kimco Realty Corp. | 231 | 4682  |
| Realty Income Corp. | 297 | 16742  |
| Regency Centers Corp. | 66 | 4556  |
| Simon Property Group, Inc. | 99 | 18326  |
|  |  | 47633  |
| **Specialized REITs - 0.8%**<br>|  |  |
| American Tower Corp. | 165 | 28969  |
| Crown Castle, Inc. | 165 | 14664  |
| Digital Realty Trust, Inc. | 99 | 15316  |
| Equinix, Inc. | 33 | 25283  |
| Extra Space Storage, Inc. | 66 | 8595  |
| Iron Mountain, Inc. | 99 | 8212  |
| Public Storage | 37 | 9601  |
| SBA Communications Corp. | 33 | 6383  |
| VICI Properties, Inc. | 363 | 10208  |
| Weyerhaeuser Co. | 264 | 6254  |
|  |  | 133485  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $330,064)** |  | 321399 |

---

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.5%**<br>|  |  |  |
| **Put Options - 0.5%**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $6,390.00 | $17798300 | 26 | $82680  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $81,121)** |  |  | 82680 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **CONTINGENT VALUE RIGHTS - 0.0%**<br>|  |  |
| Sycamore Partners LLC, Exercise Price $0.00<sup>(a)(e)</sup> | 84 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONTINGENT VALUE RIGHTS** <br>**(Cost $0)** |  | 0  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(f)</sup> | 73788 | 73788  |
| Northern U.S. Government Select Money Market Fund, 3.48%<sup>(f)</sup> | 169 | 169  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $73,957)** |  | 73957  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%** <br>**(Cost $17,400,448)** |  | $18261859  |
| Liabilities in Excess of Other Assets - (0.5)% |  | (87357)  |
| **TOTAL NET ASSETS - 100.0%** |  | $18174502 |

---

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Exchange-traded.

<sup>(d)</sup> 100 shares per contract.

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.8)%**<br>|  |  |  |
| **Call Options - (0.6)%**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $7,015.00 | $(13006450) | &nbsp;&nbsp;&nbsp;&nbsp;(19) | $(114000)  |
| **Put Options - (0.2)%**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $5,840.00 | (17798300) | &nbsp;&nbsp;&nbsp;&nbsp;(26) | (25740)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $146,093)** |  |  | $(139740) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF INVESTMENTS** 

**December 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4%**<br>|  |  |
| **Aerospace & Defense - 2.1%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 971 | $551460  |
| Boeing Co.<sup>(a)</sup> | 78515 | 17047177  |
| General Dynamics Corp. | 26824 | 9030568  |
| General Electric Co. | 128680 | 39637300  |
| Howmet Aerospace, Inc. | 52772 | 10819316  |
| Huntington Ingalls Industries, Inc. | 548 | 186358  |
| L3Harris Technologies, Inc. | 26314 | 7725001  |
| Lockheed Martin Corp. | 26743 | 12934787  |
| Northrop Grumman Corp. | 13806 | 7872319  |
| RTX Corp. | 159678 | 29284945  |
| Textron, Inc. | 26404 | 2301637  |
| TransDigm Group, Inc. | 3798 | 5050770  |
|  |  | 142441638  |
| **Air Freight & Logistics - 0.3%**<br>|  |  |
| C.H. Robinson Worldwide, Inc. | 964 | 154973  |
| Expeditors International of Washington, Inc. | 13856 | 2064682  |
| FedEx Corp. | 26867 | 7760801  |
| United Parcel Service, Inc. - Class B | 98393 | 9759602  |
|  |  | 19740058  |
| **Automobile Components - 0.0%<sup>(b)</sup>**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 26868 | 2044386  |
| **Automobiles - 2.4%**<br>|  |  |
| Ford Motor Co. | 465351 | 6105405  |
| General Motors Co. | 123211 | 10019518  |
| Tesla, Inc.<sup>(a)</sup> | 334191 | 150292377  |
|  |  | 166417300  |
| **Banks - 3.8%**<br>|  |  |
| Bank of America Corp. | 810638 | 44585090  |
| Citigroup, Inc. | 219062 | 25562345  |
| Citizens Financial Group, Inc. | 65513 | 3826614  |
| Fifth Third Bancorp | 96711 | 4527042  |
| Huntington Bancshares, Inc. | 213946 | 3711963  |
| JPMorgan Chase & Co. | 322934 | 104055794  |
| KeyCorp | 135763 | 2802148  |
| M&T Bank Corp. | 13915 | 2803594  |
| PNC Financial Services Group, Inc. | 52774 | 11015517  |
| Regions Financial Corp. | 135173 | 3663188  |
| Truist Financial Corp. | 152419 | 7500539  |
| US Bancorp | 185416 | 9893798  |
| Wells Fargo & Co. | 383180 | 35712376  |
|  |  | 259660008  |

---

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Beverages - 1.0%**<br>|  |  |
| Brown-Forman Corp. - Class B | 13915 | $362625  |
| Coca-Cola Co. | 477046 | 33350286  |
| Constellation Brands, Inc. - Class A | 13914 | 1919575  |
| Keurig Dr. Pepper, Inc. | 135970 | 3808520  |
| Molson Coors Beverage Co. - Class B | 13915 | 649552  |
| Monster Beverage Corp.<sup>(a)</sup> | 84591 | 6485592  |
| PepsiCo, Inc. | 162859 | 23373524  |
|  |  | 69949674  |
| **Biotechnology - 1.7%**<br>|  |  |
| AbbVie, Inc. | 209216 | 47803764  |
| Amgen, Inc. | 66587 | 21794591  |
| Biogen, Inc.<sup>(a)</sup> | 13848 | 2437109  |
| Gilead Sciences, Inc. | 147728 | 18132135  |
| Incyte Corp.<sup>(a)</sup> | 13915 | 1374385  |
| Moderna, Inc.<sup>(a)</sup> | 39819 | 1174262  |
| Regeneron Pharmaceuticals, Inc. | 13312 | 10275133  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 31627 | 14338417  |
|  |  | 117329796  |
| **Broadline Retail - 3.9%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 1149467 | 265319973  |
| eBay, Inc. | 70779 | 6164851  |
|  |  | 271484824  |
| **Building Products - 0.4%**<br>|  |  |
| A O Smith Corp. - Class A | 964 | 64472  |
| Allegion PLC | 962 | 153170  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 13551 | 1394263  |
| Carrier Global Corp. | 94011 | 4967541  |
| Johnson Controls International PLC | 77756 | 9311281  |
| Lennox International, Inc. | 1708 | 829371  |
| Masco Corp. | 26792 | 1700220  |
| Trane Technologies PLC | 26835 | 10444182  |
|  |  | 28864500  |
| **Capital Markets - 3.3%**<br>|  |  |
| Ameriprise Financial, Inc. | 13242 | 6493082  |
| Ares Management Corp. - Class A | 20575 | 3325537  |
| Bank of New York Mellon Corp. | 85242 | 9895744  |
| Blackrock, Inc. | 13774 | 14742863  |
| Blackstone, Inc. | 87171 | 13436538  |
| Cboe Global Markets, Inc. | 13294 | 3336794  |
| Charles Schwab Corp. | 197828 | 19764995  |
| CME Group, Inc. - Class A | 46010 | 12564411  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 20010 | 4525061  |
| FactSet Research Systems, Inc. | 524 | 152060  |
| Franklin Resources, Inc. | 39252 | 937730 |

---

The accompanying notes are an integral part of these financial statements.

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**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Capital Markets - 3.3% (Continued)**  | **Capital Markets - 3.3% (Continued)**  | **Capital Markets - 3.3% (Continued)**  |
| Goldman Sachs Group, Inc. | 34780 | $30571620  |
| Interactive Brokers Group, Inc. - Class A | 42445 | 2729638  |
| Intercontinental Exchange, Inc. | 68092 | 11028180  |
| Invesco Ltd. | 59083 | 1552110  |
| KKR & Co., Inc. | 80071 | 10207451  |
| Moody's Corp. | 13914 | 7107967  |
| Morgan Stanley | 145694 | 25865056  |
| MSCI, Inc. | 962 | 551928  |
| Nasdaq, Inc. | 44606 | 4332581  |
| Northern Trust Corp. | 26549 | 3626328  |
| Raymond James Financial, Inc. | 26288 | 4221590  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 86647 | 9799776  |
| S&P Global, Inc. | 36608 | 19130975  |
| State Street Corp. | 39802 | 5134856  |
| T. Rowe Price Group, Inc. | 26775 | 2741225  |
|  |  | 227776096  |
| **Chemicals - 1.0%**<br>|  |  |
| Air Products and Chemicals, Inc. | 26765 | 6611490  |
| Albemarle Corp. | 13454 | 1902934  |
| CF Industries Holdings, Inc. | 13916 | 1076263  |
| Corteva, Inc. | 98117 | 6576782  |
| Dow, Inc. | 98089 | 2293321  |
| DuPont de Nemours, Inc. | 57688 | 2319058  |
| Ecolab, Inc. | 26867 | 7053125  |
| International Flavors & Fragrances, Inc. | 26868 | 1810635  |
| Linde PLC | 56661 | 24159684  |
| LyondellBasell Industries NV - Class A | 26867 | 1163341  |
| Mosaic Co. | 40060 | 965045  |
| PPG Industries, Inc. | 26867 | 2752793  |
| Sherwin-Williams Co. | 26867 | 8705714  |
|  |  | 67390185  |
| **Commercial Services & Supplies - 0.5%**<br>|  |  |
| Cintas Corp. | 45704 | 8595551  |
| Copart, Inc.<sup>(a)</sup> | 124140 | 4860081  |
| Republic Services, Inc. | 26509 | 5618052  |
| Rollins, Inc. | 26867 | 1612557  |
| Veralto Corp. | 26719 | 2666022  |
| Waste Management, Inc. | 43688 | 9598691  |
|  |  | 32950954  |
| **Communications Equipment - 0.8%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 107468 | 14081532  |
| Cisco Systems, Inc. | 468071 | 36055509  |
| F5, Inc.<sup>(a)</sup> | 823 | 210079  |
| Motorola Solutions, Inc. | 13915 | 5333898  |
|  |  | 55681018  |

---

The accompanying notes are an integral part of these financial statements.

62<br>

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Construction & Engineering - 0.2%** | **Construction & Engineering - 0.2%** | **Construction & Engineering - 0.2%** |
| Comfort Systems USA, Inc. | 3634 | $3391576  |
| EMCOR Group, Inc. | 4306 | 2634368  |
| Quanta Services, Inc. | 13851 | 5845953  |
|  |  | 11871897  |
| **Construction Materials - 0.2%**<br>|  |  |
| CRH PLC | 75861 | 9467453  |
| Martin Marietta Materials, Inc. | 852 | 530506  |
| Vulcan Materials Co. | 13680 | 3901810  |
|  |  | 13899769  |
| **Consumer Finance - 0.7%**<br>|  |  |
| American Express Co. | 63538 | 23505883  |
| Capital One Financial Corp. | 75436 | 18282669  |
| Synchrony Financial | 56976 | 4753508  |
|  |  | 46542060  |
| **Consumer Staples Distribution & Retail - 1.9%**<br>|  |  |
| Costco Wholesale Corp. | 52853 | 45577256  |
| Dollar General Corp. | 26727 | 3548544  |
| Dollar Tree, Inc.<sup>(a)</sup> | 26578 | 3269360  |
| Kroger Co. | 92043 | 5750847  |
| Sysco Corp. | 70065 | 5163090  |
| Target Corp. | 65454 | 6398128  |
| Walmart, Inc. | 521632 | 58115021  |
|  |  | 127822246  |
| **Containers & Packaging - 0.1%**<br>|  |  |
| Amcor PLC | 213890 | 1783843  |
| Avery Dennison Corp. | 961 | 174787  |
| Ball Corp. | 39821 | 2109318  |
| International Paper Co. | 44690 | 1760339  |
| Packaging Corp. of America | 962 | 198393  |
| Smurfit WestRock PLC | 26824 | 1037284  |
|  |  | 7063964  |
| **Distributors - 0.0%<sup>(b)</sup>**<br>|  |  |
| Genuine Parts Co. | 13785 | 1695004  |
| Pool Corp. | 531 | 121466  |
|  |  | 1816470  |
| **Diversified Telecommunication Services - 0.6%**<br>|  |  |
| AT&T, Inc. | 856738 | 21281372  |
| Verizon Communications, Inc. | 504276 | 20539161  |
|  |  | 41820533  |
| **Electric Utilities - 1.6%**<br>|  |  |
| Alliant Energy Corp. | 26867 | 1746624  |
| American Electric Power Co., Inc. | 71971 | 8298976  |
| Constellation Energy Corp. | 39821 | 14067565  |

---

The accompanying notes are an integral part of these financial statements.

63<br>

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Electric Utilities - 1.6% (Continued)**  | **Electric Utilities - 1.6% (Continued)**  | **Electric Utilities - 1.6% (Continued)**  |
| Duke Energy Corp. | 92953 | $10895021  |
| Edison International | 52685 | 3162154  |
| Entergy Corp. | 53235 | 4920511  |
| Evergy, Inc. | 26867 | 1947589  |
| Eversource Energy | 45838 | 3086273  |
| Exelon Corp. | 147934 | 6448443  |
| FirstEnergy Corp. | 70739 | 3166985  |
| NextEra Energy, Inc. | 254853 | 20459599  |
| NRG Energy, Inc. | 26810 | 4269224  |
| PG&E Corp. | 318228 | 5113924  |
| Pinnacle West Capital Corp. | 963 | 85418  |
| PPL Corp. | 104810 | 3670446  |
| Southern Co. | 134832 | 11757350  |
| Xcel Energy, Inc. | 78311 | 5784050  |
|  |  | 108880152  |
| **Electrical Equipment - 0.8%**<br>|  |  |
| AMETEK, Inc. | 26867 | 5516064  |
| Eaton Corp. PLC | 45449 | 14475961  |
| Emerson Electric Co. | 66748 | 8858794  |
| GE Vernova, Inc. | 31530 | 20607062  |
| Generac Holdings, Inc.<sup>(a)</sup> | 848 | 115642  |
| Hubbell, Inc. | 737 | 327309  |
| Rockwell Automation, Inc. | 13429 | 5224821  |
|  |  | 55125653  |
| **Electronic Equipment, Instruments & Components - 0.7%**<br>|  |  |
| Amphenol Corp. - Class A | 147234 | 19897203  |
| CDW Corp. | 13701 | 1866076  |
| Corning, Inc. | 92733 | 8119702  |
| Jabil, Inc. | 13606 | 3102440  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 13915 | 2827389  |
| TE Connectivity PLC | 39783 | 9051030  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 649 | 331464  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 704 | 170945  |
|  |  | 45366249  |
| **Energy Equipment & Services - 0.3%**<br>|  |  |
| Baker Hughes Co. | 148133 | 6745977  |
| Halliburton Co. | 124111 | 3507377  |
| SLB Ltd. | 213176 | 8181695  |
|  |  | 18435049  |
| **Entertainment - 1.3%**<br>|  |  |
| Electronic Arts, Inc. | 26868 | 5489938  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 13795 | 1965788  |
| Netflix, Inc.<sup>(a)</sup> | 498912 | 46777989  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 13914 | 3562401  |

---

The accompanying notes are an integral part of these financial statements.

64<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Entertainment - 1.3% (Continued)**  | **Entertainment - 1.3% (Continued)**  | **Entertainment - 1.3% (Continued)**  |
| TKO Group Holdings, Inc. | 4096 | $856064  |
| Walt Disney Co. | 214626 | 24418000  |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 331140 | 9543455  |
|  |  | 92613635  |
| **Financial Services - 3.9%**<br>|  |  |
| Apollo Global Management, Inc. | 54524 | 7892894  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 218973 | 110066778  |
| Block, Inc.<sup>(a)</sup> | 66643 | 4337793  |
| Corpay, Inc.<sup>(a)</sup> | 961 | 289194  |
| Fidelity National Information Services, Inc. | 83114 | 5523756  |
| Fiserv, Inc.<sup>(a)</sup> | 68151 | 4577703  |
| Global Payments, Inc. | 31659 | 2450407  |
| Jack Henry & Associates, Inc. | 961 | 175363  |
| Mastercard, Inc. - Class A | 98704 | 56348140  |
| PayPal Holdings, Inc. | 120401 | 7029010  |
| Visa, Inc. - Class A | 202645 | 71069628  |
|  |  | 269760666  |
| **Food Products - 0.4%**<br>|  |  |
| Archer-Daniels-Midland Co. | 72064 | 4142959  |
| Bunge Global SA | 13858 | 1234471  |
| Conagra Brands, Inc. | 65726 | 1137717  |
| General Mills, Inc. | 82957 | 3857501  |
| Hershey Co. | 13913 | 2531888  |
| Hormel Foods Corp. | 39532 | 936908  |
| J M Smucker Co. | 963 | 94191  |
| Kraft Heinz Co. | 111241 | 2697594  |
| Lamb Weston Holdings, Inc. | 13844 | 579925  |
| McCormick & Co., Inc. | 26867 | 1829911  |
| Mondelez International, Inc. - Class A | 160285 | 8628142  |
| The Campbell's Co. | 13916 | 387839  |
| Tyson Foods, Inc. - Class A | 39481 | 2314376  |
|  |  | 30373422  |
| **Gas Utilities - 0.0%<sup>(b)</sup>**<br>|  |  |
| Atmos Energy Corp. | 13906 | 2331063  |
| **Ground Transportation - 0.8%**<br>|  |  |
| CSX Corp. | 223143 | 8088934  |
| JB Hunt Transport Services, Inc. | 962 | 186955  |
| Norfolk Southern Corp. | 26822 | 7744048  |
| Old Dominion Freight Line, Inc. | 19832 | 3109657  |
| Uber Technologies, Inc.<sup>(a)</sup> | 245691 | 20075412  |
| Union Pacific Corp. | 71568 | 16555110  |
|  |  | 55760116  |

---

The accompanying notes are an integral part of these financial statements.

65<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** | **Health Care Equipment & Supplies - 2.0%** |
| Abbott Laboratories | 206497 | $25872009  |
| Align Technology, Inc.<sup>(a)</sup> | 961 | 150060  |
| Baxter International, Inc. | 70114 | 1339879  |
| Becton Dickinson & Co. | 39547 | 7674886  |
| Boston Scientific Corp.<sup>(a)</sup> | 185042 | 17643755  |
| Cooper Cos., Inc.<sup>(a)</sup> | 14091 | 1154898  |
| Dexcom, Inc.<sup>(a)</sup> | 52695 | 3497367  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 83810 | 7144803  |
| GE HealthCare Technologies, Inc. | 52772 | 4328359  |
| Hologic, Inc.<sup>(a)</sup> | 26867 | 2001323  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1148 | 776656  |
| Insulet Corp.<sup>(a)</sup> | 961 | 273155  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 42548 | 24097485  |
| Medtronic PLC | 161303 | 15494766  |
| ResMed, Inc. | 13879 | 3343035  |
| Solventum Corp.<sup>(a)</sup> | 14198 | 1125050  |
| STERIS PLC | 13218 | 3351027  |
| Stryker Corp. | 44072 | 15489986  |
| Zimmer Biomet Holdings, Inc. | 26577 | 2389804  |
|  |  | 137148303  |
| **Health Care Providers & Services - 1.5%**<br>|  |  |
| Cardinal Health, Inc. | 26867 | 5521169  |
| Cencora, Inc. | 13914 | 4699454  |
| Centene Corp.<sup>(a)</sup> | 72062 | 2965351  |
| Cigna Group | 31087 | 8556075  |
| CVS Health Corp. | 152971 | 12139779  |
| DaVita, Inc.<sup>(a)</sup> | 4 | 454  |
| Elevance Health, Inc. | 26867 | 9418227  |
| HCA Healthcare, Inc. | 18475 | 8625238  |
| Henry Schein, Inc.<sup>(a)</sup> | 964 | 72859  |
| Humana, Inc. | 13539 | 3467744  |
| Labcorp Holdings, Inc. | 962 | 241347  |
| McKesson Corp. | 13685 | 11225669  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 799 | 138658  |
| Quest Diagnostics, Inc. | 963 | 167109  |
| UnitedHealth Group, Inc. | 108130 | 35694794  |
| Universal Health Services, Inc. - Class B | 837 | 182483  |
|  |  | 103116410  |
| **Hotels, Restaurants & Leisure - 1.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 58757 | 7974500  |
| Booking Holdings, Inc. | 2241 | 12001295  |
| Carnival Corp.<sup>(a)</sup> | 148094 | 4522791  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 78294 | 2896878  |
| Darden Restaurants, Inc. | 13506 | 2485374  |
| Domino's Pizza, Inc. | 482 | 200907  |

---

The accompanying notes are an integral part of these financial statements.

66<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Hotels, Restaurants & Leisure - 1.7% (Continued)**  | **Hotels, Restaurants & Leisure - 1.7% (Continued)**  | **Hotels, Restaurants & Leisure - 1.7% (Continued)**  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 40891 | $9260994  |
| Expedia Group, Inc. - Class A | 13685 | 3877097  |
| Hilton Worldwide Holdings, Inc. | 31608 | 9079398  |
| Las Vegas Sands Corp. | 39822 | 2592014  |
| Marriott International, Inc - Class A | 27101 | 8407814  |
| McDonald's Corp. | 89145 | 27245386  |
| MGM Resorts International<sup>(a)</sup> | 32958 | 1202637  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 57652 | 1286793  |
| Royal Caribbean Cruises Ltd. | 26867 | 7493744  |
| Starbucks Corp. | 135376 | 11400013  |
| Wynn Resorts Ltd. | 963 | 115878  |
| Yum! Brands, Inc. | 39237 | 5935773  |
|  |  | 117979286  |
| **Household Durables - 0.2%**<br>|  |  |
| D.R. Horton, Inc. | 39696 | 5717415  |
| Garmin Ltd. | 13914 | 2822455  |
| Lennar Corp. - Class A | 26867 | 2761928  |
| NVR, Inc.<sup>(a)</sup> | 41 | 299003  |
| PulteGroup, Inc. | 26670 | 3127324  |
|  |  | 14728125  |
| **Household Products - 0.8%**<br>|  |  |
| Church & Dwight Co., Inc. | 26867 | 2252798  |
| Clorox Co. | 13557 | 1366952  |
| Colgate-Palmolive Co. | 96245 | 7605280  |
| Kimberly-Clark Corp. | 39822 | 4017642  |
| Procter & Gamble Co. | 279656 | 40077501  |
|  |  | 55320173  |
| **Independent Power and Renewable Electricity Producers - 0.1%**<br>|  |  |
| AES Corp. | 96062 | 1377529  |
| Vistra Corp. | 41625 | 6715361  |
|  |  | 8092890  |
| **Industrial Conglomerates - 0.4%**<br>|  |  |
| 3M Co. | 61887 | 9908109  |
| Honeywell International, Inc. | 78982 | 15408598  |
|  |  | 25316707  |
| **Insurance - 1.7%**<br>|  |  |
| Aflac, Inc. | 56956 | 6280538  |
| Allstate Corp. | 26867 | 5592366  |
| American International Group, Inc. | 79954 | 6840065  |
| Aon PLC - Class A | 26464 | 9338616  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 52366 | 5022947  |
| Arthur J Gallagher & Co. | 26673 | 6902706  |
| Assurant, Inc. | 723 | 174135  |
| Brown & Brown, Inc. | 26867 | 2141300  |

---

The accompanying notes are an integral part of these financial statements.

67<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Insurance - 1.7% (Continued)**  | **Insurance - 1.7% (Continued)**  | **Insurance - 1.7% (Continued)**  |
| Chubb Ltd. | 43574 | $13600317  |
| Cincinnati Financial Corp. | 13914 | 2272434  |
| Erie Indemnity Co. - Class A | 1100 | 315315  |
| Everest Group Ltd. | 598 | 202931  |
| Globe Life, Inc. | 962 | 134545  |
| Hartford Insurance Group, Inc. | 39698 | 5470384  |
| Loews Corp. | 13916 | 1465494  |
| Marsh & McLennan Cos., Inc. | 57949 | 10750698  |
| MetLife, Inc. | 65736 | 5189200  |
| Principal Financial Group, Inc. | 26729 | 2357765  |
| Progressive Corp. | 70598 | 16076577  |
| Prudential Financial, Inc. | 46026 | 5195415  |
| Travelers Cos., Inc. | 26847 | 7787241  |
| W.R. Berkley Corp. | 39756 | 2787691  |
| Willis Towers Watson PLC | 13272 | 4361179  |
|  |  | 120259859  |
| **Interactive Media & Services - 8.1%**<br>|  |  |
| Alphabet, Inc. - Class A | 687316 | 215129908  |
| Alphabet, Inc. - Class C | 552239 | 173292598  |
| Match Group, Inc. | 32932 | 1063374  |
| Meta Platforms, Inc. - Class A | 258559 | 170672211  |
|  |  | 560158091  |
| **IT Services - 0.9%**<br>|  |  |
| Accenture PLC - Class A | 73994 | 19852590  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 13914 | 1213996  |
| Cognizant Technology Solutions Corp. - Class A | 70023 | 5811909  |
| EPAM Systems, Inc.<sup>(a)</sup> | 795 | 162880  |
| Gartner, Inc.<sup>(a)</sup> | 961 | 242441  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 14783 | 1834275  |
| International Business Machines Corp. | 110343 | 32684700  |
| VeriSign, Inc. | 962 | 233718  |
|  |  | 62036509  |
| **Leisure Products - 0.0%<sup>(b)</sup>**<br>|  |  |
| Hasbro, Inc. | 13649 | 1119218  |
| **Life Sciences Tools & Services - 0.8%**<br>|  |  |
| Agilent Technologies, Inc. | 39576 | 5385106  |
| Bio-Techne Corp. | 13914 | 818282  |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 705 | 140634  |
| Danaher Corp. | 79005 | 18085825  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 25847 | 5826172  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 300 | 418257  |
| Revvity, Inc. | 964 | 93267  |
| Thermo Fisher Scientific, Inc. | 44676 | 25887508  |

---

The accompanying notes are an integral part of these financial statements.

68<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Life Sciences Tools & Services - 0.8% (Continued)**  | **Life Sciences Tools & Services - 0.8% (Continued)**  | **Life Sciences Tools & Services - 0.8% (Continued)**  |
| Waters Corp.<sup>(a)</sup> | 816 | $309941  |
| West Pharmaceutical Services, Inc. | 961 | 264410  |
|  |  | 57229402  |
| **Machinery - 1.5%**<br>|  |  |
| Caterpillar, Inc. | 56501 | 32367728  |
| Cummins, Inc. | 13804 | 7046252  |
| Deere & Co. | 29420 | 13697070  |
| Dover Corp. | 13780 | 2690407  |
| Fortive Corp. | 45863 | 2532096  |
| IDEX Corp. | 961 | 171000  |
| Illinois Tool Works, Inc. | 31209 | 7686777  |
| Ingersoll Rand, Inc. | 52774 | 4180756  |
| Nordson Corp. | 748 | 179842  |
| Otis Worldwide Corp. | 52774 | 4609809  |
| PACCAR, Inc. | 71928 | 7876835  |
| Parker-Hannifin Corp. | 13620 | 11971435  |
| Pentair PLC | 13914 | 1449004  |
| Snap-on, Inc. | 728 | 250869  |
| Stanley Black & Decker, Inc. | 13914 | 1033532  |
| Westinghouse Air Brake Technologies Corp. | 13915 | 2970157  |
| Xylem, Inc. | 27018 | 3679311  |
|  |  | 104392880  |
| **Media - 0.4%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 13240 | 2763850  |
| Comcast Corp. - Class A | 440101 | 13154619  |
| Fox Corp. - Class A | 27108 | 1980782  |
| Fox Corp. - Class B | 13668 | 887463  |
| News Corp. - Class A | 52631 | 1374722  |
| News Corp. - Class B | 964 | 28563  |
| Omnicom Group, Inc. | 31616 | 2552992  |
| Paramount Skydance Corp. | 65946 | 883676  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 45072 | 1710933  |
|  |  | 25337600  |
| **Metals & Mining - 0.4%**<br>|  |  |
| Freeport-McMoRan, Inc. | 171518 | 8711399  |
| Newmont Corp. | 131728 | 13153041  |
| Nucor Corp. | 27085 | 4417834  |
| Steel Dynamics, Inc. | 13921 | 2358914  |
|  |  | 28641188  |
| **Multi-Utilities - 0.6%**<br>|  |  |
| Ameren Corp. | 26868 | 2683038  |
| CenterPoint Energy, Inc. | 85290 | 3270019  |
| CMS Energy Corp. | 39573 | 2767340  |
| Consolidated Edison, Inc. | 44691 | 4438710  |

---

The accompanying notes are an integral part of these financial statements.

69<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Multi-Utilities - 0.6% (Continued)**  | **Multi-Utilities - 0.6% (Continued)**  | **Multi-Utilities - 0.6% (Continued)**  |
| Dominion Energy, Inc. | 122098 | $7153722  |
| DTE Energy Co. | 26552 | 3424677  |
| NiSource, Inc. | 52774 | 2203842  |
| Public Service Enterprise Group, Inc. | 69983 | 5619635  |
| Sempra | 85288 | 7530077  |
| WEC Energy Group, Inc. | 39821 | 4199523  |
|  |  | 43290583  |
| **Oil, Gas & Consumable Fuels - 2.7%**<br>|  |  |
| APA Corp. | 39792 | 973312  |
| Chevron Corp. | 229187 | 34930391  |
| ConocoPhillips | 159840 | 14962622  |
| Coterra Energy, Inc. | 109029 | 2869643  |
| Devon Energy Corp. | 91425 | 3348898  |
| Diamondback Energy, Inc. | 13915 | 2091842  |
| EOG Resources, Inc. | 63985 | 6719065  |
| EQT Corp. | 52771 | 2828526  |
| Expand Energy Corp. | 27703 | 3057303  |
| Exxon Mobil Corp. | 509722 | 61339945  |
| Kinder Morgan, Inc. | 233391 | 6415919  |
| Marathon Petroleum Corp. | 34169 | 5556904  |
| Occidental Petroleum Corp. | 92060 | 3785507  |
| ONEOK, Inc. | 83037 | 6103220  |
| Phillips 66 | 47566 | 6137917  |
| Targa Resources Corp. | 26779 | 4940726  |
| Texas Pacific Land Corp. | 2787 | 800482  |
| Valero Energy Corp. | 44619 | 7263527  |
| Williams Cos., Inc. | 146077 | 8780688  |
|  |  | 182906437  |
| **Passenger Airlines - 0.2%**<br>|  |  |
| Delta Air Lines, Inc. | 91427 | 6345034  |
| Southwest Airlines Co. | 83662 | 3457750  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 40058 | 4479286  |
|  |  | 14282070  |
| **Personal Care Products - 0.1%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 26867 | 2813512  |
| Kenvue, Inc. | 253257 | 4368684  |
|  |  | 7182196  |
| **Pharmaceuticals - 3.4%**<br>|  |  |
| Bristol-Myers Squibb Co. | 250296 | 13500966  |
| Eli Lilly & Co. | 94751 | 101827005  |
| Johnson & Johnson | 288447 | 59694107  |
| Merck & Co., Inc. | 297501 | 31314955  |
| Pfizer, Inc. | 722062 | 17979344  |

---

The accompanying notes are an integral part of these financial statements.

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Pharmaceuticals - 3.4% (Continued)**  | **Pharmaceuticals - 3.4% (Continued)**  | **Pharmaceuticals - 3.4% (Continued)**  |
| Viatris, Inc. | 174945 | $2178065  |
| Zoetis, Inc. | 52920 | 6658394  |
|  |  | 233152836  |
| **Professional Services - 0.5%**<br>|  |  |
| Automatic Data Processing, Inc. | 53064 | 13649653  |
| Broadridge Financial Solutions, Inc. | 13474 | 3006992  |
| Dayforce, Inc.<sup>(a)</sup> | 13914 | 962292  |
| Equifax, Inc. | 13549 | 2939862  |
| Jacobs Solutions, Inc. | 13589 | 1799999  |
| Leidos Holdings, Inc. | 13749 | 2480320  |
| Paychex, Inc. | 39822 | 4467232  |
| Paycom Software, Inc. | 674 | 107409  |
| Verisk Analytics, Inc. | 13847 | 3097435  |
|  |  | 32511194  |
| **Real Estate Management & Development - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 39732 | 6388508  |
| CoStar Group, Inc.<sup>(a)</sup> | 52774 | 3548524  |
|  |  | 9937032  |
| **Semiconductors & Semiconductor Equipment - 14.2%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 193442 | 41427539  |
| Analog Devices, Inc. | 58589 | 15889337  |
| Applied Materials, Inc. | 99142 | 25478502  |
| Broadcom, Inc. | 557976 | 193115494  |
| First Solar, Inc.<sup>(a)</sup> | 13326 | 3481151  |
| Intel Corp.<sup>(a)</sup> | 532074 | 19633531  |
| KLA Corp. | 13723 | 16674543  |
| Lam Research Corp. | 145706 | 24941953  |
| Microchip Technology, Inc. | 72194 | 4600202  |
| Micron Technology, Inc. | 136499 | 38958179  |
| Monolithic Power Systems, Inc. | 657 | 595478  |
| NVIDIA Corp. | 2885408 | 538128592  |
| NXP Semiconductors NV | 31617 | 6862786  |
| ON Semiconductor Corp.<sup>(a)</sup> | 57694 | 3124130  |
| Qnity Electronics, Inc. | 28844 | 2355113  |
| QUALCOMM, Inc. | 126789 | 21687258  |
| Skyworks Solutions, Inc. | 13914 | 882287  |
| Teradyne, Inc. | 13914 | 2693194  |
| Texas Instruments, Inc. | 110731 | 19210721  |
|  |  | 979739990  |
| **Software - 10.2%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 49461 | 17310855  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 30170 | 20329149  |
| Autodesk, Inc.<sup>(a)</sup> | 26647 | 7887779  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 32962 | 10303262  |

---

The accompanying notes are an integral part of these financial statements.

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Software - 10.2% (Continued)**  | **Software - 10.2% (Continued)**  | **Software - 10.2% (Continued)**  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 27133 | $12718865  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 32461 | 4414371  |
| Fair Isaac Corp.<sup>(a)</sup> | 341 | 576502  |
| Fortinet, Inc.<sup>(a)</sup> | 90830 | 7212810  |
| Gen Digital, Inc. | 78868 | 2144421  |
| Intuit, Inc. | 31848 | 21096752  |
| Microsoft Corp. | 882647 | 426865742  |
| Oracle Corp. | 199586 | 38901307  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 275360 | 48945240  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 79706 | 14681845  |
| PTC, Inc.<sup>(a)</sup> | 13488 | 2349745  |
| Roper Technologies, Inc. | 13321 | 5929577  |
| Salesforce, Inc. | 113585 | 30089802  |
| ServiceNow, Inc.<sup>(a)</sup> | 122885 | 18824753  |
| Synopsys, Inc.<sup>(a)</sup> | 16138 | 7580341  |
| Trimble, Inc.<sup>(a)</sup> | 31002 | 2429007  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 580 | 263291  |
| Workday, Inc. - Class A<sup>(a)</sup> | 26334 | 5656017  |
|  |  | 706511433  |
| **Specialty Retail - 1.6%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 1137 | 3856135  |
| Best Buy Co., Inc. | 13916 | 931398  |
| Carvana Co.<sup>(a)</sup> | 14968 | 6316795  |
| Home Depot, Inc. | 122142 | 42029062  |
| Lowe's Cos., Inc. | 68282 | 16466887  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 96241 | 8778142  |
| Ross Stores, Inc. | 39822 | 7173535  |
| TJX Cos., Inc. | 136773 | 21009700  |
| Tractor Supply Co. | 66654 | 3333367  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 678 | 410197  |
| Williams-Sonoma, Inc. | 14176 | 2531692  |
|  |  | 112836910  |
| **Technology Hardware, Storage & Peripherals - 7.4%**<br>|  |  |
| Apple, Inc. | 1757471 | 477786066  |
| Dell Technologies, Inc. - Class C | 30983 | 3900140  |
| Hewlett Packard Enterprise Co. | 187897 | 4513286  |
| HP, Inc. | 123982 | 2762319  |
| NetApp, Inc. | 26578 | 2846238  |
| Sandisk Corp.<sup>(a)</sup> | 16131 | 3829177  |
| Seagate Technology Holdings PLC | 13916 | 3832327  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 28063 | 821404  |
| Western Digital Corp. | 40007 | 6892006  |
|  |  | 507182963  |

---

The accompanying notes are an integral part of these financial statements.

72<br>

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  | **COMMON STOCKS - 97.4% (Continued)**  |
| **Textiles, Apparel & Luxury Goods - 0.2%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 2988 | $309766  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 13434 | 2791720  |
| NIKE, Inc. - Class B | 145443 | 9266173  |
| Ralph Lauren Corp. - Class A | 3 | 1061  |
| Tapestry, Inc. | 26855 | 3431263  |
|  |  | 15799983  |
| **Tobacco - 0.6%**<br>|  |  |
| Altria Group, Inc. | 211049 | 12169085  |
| Philip Morris International, Inc. | 186084 | 29847874  |
|  |  | 42016959  |
| **Trading Companies & Distributors - 0.2%**<br>|  |  |
| Fastenal Co. | 157962 | 6339015  |
| United Rentals, Inc. | 4440 | 3593381  |
| W.W. Grainger, Inc. | 608 | 613502  |
|  |  | 10545898  |
| **Water Utilities - 0.0%<sup>(b)</sup>**<br>|  |  |
| American Water Works Co., Inc. | 13915 | 1815908  |
| **Wireless Telecommunication Services - 0.2%**<br>|  |  |
| T-Mobile US, Inc. | 57178 | 11609421  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,727,895,074)** |  | 6723411835  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7%**<br>|  |  |
| **Health Care REITs - 0.3%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 13914 | 680951  |
| Healthpeak Properties, Inc. | 77829 | 1251490  |
| Ventas, Inc. | 52774 | 4083652  |
| Welltower, Inc. | 78551 | 14579851  |
|  |  | 20595944  |
| **Hotel & Resort REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| Host Hotels & Resorts, Inc. | 98096 | 1739242  |
| **Industrial REITs - 0.2%**<br>|  |  |
| Prologis, Inc. | 109989 | 14041196  |
| **Office REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| BXP, Inc. | 13835 | 933586  |
| **Residential REITs - 0.2%**<br>|  |  |
| AvalonBay Communities, Inc. | 13803 | 2502622  |
| Camden Property Trust | 963 | 106007  |
| Equity Residential | 44685 | 2816942  |
| Essex Property Trust, Inc. | 884 | 231325  |
| Invitation Homes, Inc. | 79002 | 2195466  |

---

The accompanying notes are an integral part of these financial statements.

73<br>

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7% (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7% (Continued)**  | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7% (Continued)**  |
| **Residential REITs - 0.2% (Continued)** <br>|  |  |
| Mid-America Apartment Communities, Inc. | 13456 | $1869173  |
| UDR, Inc. | 39709 | 1456526  |
|  |  | 11178061  |
| **Retail REITs - 0.2%**<br>|  |  |
| Federal Realty Investment Trust | 961 | 96869  |
| Kimco Realty Corp. | 85111 | 1725200  |
| Realty Income Corp. | 85290 | 4807797  |
| Regency Centers Corp. | 13914 | 960484  |
| Simon Property Group, Inc. | 39821 | 7371265  |
|  |  | 14961615  |
| **Specialized REITs - 0.8%**<br>|  |  |
| American Tower Corp. | 55672 | 9774333  |
| Crown Castle, Inc. | 57747 | 5131976  |
| Digital Realty Trust, Inc. | 39709 | 6143379  |
| Equinix, Inc. | 12962 | 9930966  |
| Extra Space Storage, Inc. | 26612 | 3465415  |
| Iron Mountain, Inc. | 39557 | 3281253  |
| Public Storage | 13914 | 3610683  |
| SBA Communications Corp. | 13331 | 2578615  |
| VICI Properties, Inc. | 148922 | 4187687  |
| Weyerhaeuser Co. | 103936 | 2462244  |
|  |  | 50566551  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $114,509,600)** |  | 114016195  |
| **CONTINGENT VALUE RIGHTS - 0.0%**<br>|  |  |
| Abiomed, Inc., Exercise Price $0.00<sup>(a)(c)</sup> | 2 | 0  |
| Sycamore Partners LLC, Exercise Price $0.00<sup>(a)(c)</sup> | 74328 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONTINGENT VALUE RIGHTS** <br>**(Cost $0)** |  | 0  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.68%<sup>(d)</sup> | 66709798 | 66709798  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $66,709,798)** |  | 66709798  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $5,909,114,472)** |  | $6904137828  |
| Liabilities in Excess of Other Assets - (0.1)% |  | (4797658)  |
| **TOTAL NET ASSETS - 100.0%** |  | $6899340170 |

---

The accompanying notes are an integral part of these financial statements.

74<br>

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**December 31, 2025(Continued)** 

Percentages are stated as a percent of net assets.

The Global Industry Classification Standard ("GICS<sup>®</sup>") was developed by and/or is the exclusive property of MSCI, Inc. ("MSCI") and Standard & Poor's Financial Services LLC ("S&P"). GICS<sup>®</sup> is a service mark of MSCI and S&P and has been licensed for use by U.S. Bank Global Fund Services.

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

<sup>(a)</sup> Non-income producing security.

<sup>(b)</sup> Represents less than 0.05% of net assets.

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of December 31, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**December 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.6)%**<br>|  |  |  |
| **Call Options - (0.6)%**<br>|  |  |  |
| S&P 500<sup>®</sup> Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $6,985.00 | $(2563639750) | (3745) | $(27057625)  |
| &nbsp;&nbsp;&nbsp; Expiration: 02/20/2026; Exercise Price: $7,055.00 | (2563639750) | (3745) | (17227000)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $46,242,214)** |  |  | $(44284625) |

---

Percentages are stated as a percent of net assets.

<sup>(a)</sup> Exchange-traded.

<sup>(b)</sup> 100 shares per contract.

The accompanying notes are an integral part of these financial statements.

76<br>

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**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Bitcoin High** <br>**Income ETF** <br>(Consolidated) | **NEOS** <br>**Enhanced** <br>**Income** <br>**1-3 Month** <br>**T-Bill ETF** | **NEOS** <br>**Enhanced** <br>**Income 20+** <br>**Year Treasury** <br>**Bond ETF** | **NEOS** <br>**Enhanced** <br>**Income** <br>**Aggregate** <br>**Bond ETF** | **NEOS** <br>**Enhanced** <br>**Income Credit** <br>**Select ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1073614403 | $806312517 | $9513271 | $131733143 | $196782203  |
| Cash | 519435 |  |  |  | —  |
| Dividends receivable | 81325 | 40846 | 247 | 3310 | 32576  |
| Interest receivable |  |  | 166596 |  | —  |
| Receivable for investments sold | 288801403 | 396670 | 6577 | 103587 | 155948  |
| Receivable for fund shares sold |  |  | 921570 | 475186 | 2513750  |
|  Deposit at broker for option contracts |  |  |  | 174 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1363016566 | 806750033 | 10608261 | 132315400 | 199484477  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts, at <br>value | 79826000 | 393352 | 6640 | 104580 | 157700  |
| &nbsp;&nbsp;&nbsp; Payable for investments <br>purchased | 294825165 | 275098 | 921446 | 534502 | 2467414  |
| Payable to Adviser | 760127 | 247784 | 4235 | 58347 | 96272  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 375411292 | 916234 | 932321 | 697429 | 2721386  |
| **NET ASSETS** | $987605274 | $805833799 | $9675940 | $131617971 | $196763091  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1183569141 | $805666059 | $9924697 | $130880217 | $200388185  |
|  Total distributable earnings/ (accumulated losses) | (195963867) | 167740 | (248757) | 737754 | (3625094)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $987605274 | $805833799 | $9675940 | $131617971 | $196763091  |
| Net assets | $987605274 | $805833799 | $9675940 | $131617971 | $196763091  |
| Shares issued and outstanding<sup>(a)</sup> | 22460000 | 16210000 | 210000 | 2770000 | 3913997  |
| Net asset value per share | $43.97 | $49.71 | $46.08 | $47.52 | $50.27  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1109170337 | $806132887 | $9759747 | $131009032 | $195904113  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $79131621 | $360020 | $6069 | $95588 | $144141 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

77<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Ethereum** <br>**High Income** <br>**ETF** <br>(Consolidated) | **NEOS** <br>**Gold High** <br>**Income ETF** <br>(Consolidated) | **NEOS** <br>**Long/Short** <br>**Equity Income** <br>**ETF** | **NEOS** <br>**MLP & Energy** <br>**Infrastructure** <br>**High Income** <br>**ETF** | **NEOS** <br>**MSCI EAFE** <br>**High Income** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $12365374 | $267466237 | $7568434 | $33944495 | $45471077  |
| Cash | —  | —  | —  | —  | 11235  |
| Dividends receivable | 515 | 8632 | 3967 | 7309 | 1176  |
| Receivable for investments sold | 1946179 | 33587358 | 3288 | 90449 | 279171  |
| Receivable for fund shares sold | 2451760 |  |  | 10037249 | —  |
| Dividend tax reclaims receivable |  |  |  | 2264 | —  |
|  Deposit at broker for securities sold short |  |  | 927089 |  | —  |
|  Deposit at broker for option contracts |  | 438 |  | 83468 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 16763828 | 301062665 | 8502778 | 44165234 | 45762659  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Securities sold short, at value |  |  | 2865403 |  | —  |
| &nbsp;&nbsp;&nbsp; Written option contracts, at <br>value | 1660181 | 11006937 | 3320 | 94820 | 270480  |
| &nbsp;&nbsp;&nbsp; Payable for investments <br>purchased | 2373672 | 13571754 | 1992 | 10077418 | 419822  |
| Payable to Adviser | 4363 | 160900 | 1708 | 1297 | 16470  |
|  Payable for dividends on securities sold short |  |  | 4839 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 4038216 | 24739591 | 2877262 | 10173535 | 706772  |
| **NET ASSETS** | $12725612 | $276323074 | $5625516 | $33991699 | $45055887  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $12724042 | $261745628 | $5584796 | $33990158 | $44769210  |
|  Total distributable earnings/ (accumulated losses) | 1570 | 14577446 | 40720 | 1541 | 286677  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $12725612 | $276323074 | $5625516 | $33991699 | $45055887  |
| Net assets | $12725612 | $276323074 | $5625516 | $33991699 | $45055887  |
| Shares issued and outstanding<sup>(a)</sup> | 260000 | 4950000 | 110000 | 680000 | 890000  |
| Net asset value per share | $48.94 | $55.82 | $51.14 | $49.99 | $50.62  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $12385158 | $260011849 | $7535163 | $33931968 | $45146908  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Securities sold short | $— | $— | $2872902 | $— | $—  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $1660790 | $10997746 | $3035 | $90449 | $279171 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

78<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**Hedged Equity** <br>**Income ETF** | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**High Income** <br>**ETF** | **NEOS** <br>**Real Estate** <br>**High Income** <br>**ETF** | **NEOS** <br>**Russell 2000<sup>®</sup>** <br>**High Income** <br>**ETF** | **NEOS** <br>**S&P 500<sup>®</sup>** <br>**Hedged Equity** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $355349793 | $7444752139 | $176373553 | $452064696 | $18261859  |
| Dividends receivable | 110996 | 2188967 | 680982 | 10341 | 9904  |
| Receivable for investments sold | 6482854 | 65346874 | 1492081 | 5240589 | 155479  |
| Receivable for fund shares sold |  | 18842005 |  |  | —  |
| Dividend tax reclaims receivable |  | 9111 |  |  | 107  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 361943643 | 7531139096 | 178546616 | 457315626 | 18427349  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written option contracts, at <br>value | 5545885 | 63639940 | 1506290 | 3980760 | 139740  |
| &nbsp;&nbsp;&nbsp; Payable for investments <br>purchased | 4380018 | 25700151 | 83115 | 647247 | 102568  |
| Payable to Adviser | 203953 | 4062557 | 95136 | 217737 | 10539  |
|  Payable for capital shares redeemed |  |  |  | 1460130 | —  |
| Due to broker |  |  | 14 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 10129856 | 93402648 | 1684555 | 6305874 | 252847  |
| **NET ASSETS** | $351813787 | $7437736448 | $176862061 | $451009752 | $18174502  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $416890044 | $6912609449 | $179878211 | $425333996 | $17455867  |
|  Total distributable earnings/(accumulated losses) | (65076257) | 525126999 | (3016150) | 25675756 | 718635  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $351813787 | $7437736448 | $176862061 | $451009752 | $18174502  |
| Net assets | $351813787 | $7437736448 | $176862061 | $451009752 | $18174502  |
| Shares issued and outstanding<sup>(a)</sup> | 6494981 | 138140000 | 3640000 | 9270000 | 330000  |
| Net asset value per share | $54.17 | $53.84 | $48.59 | $48.65 | $55.07  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $215323091 | $6828514838 | $179017516 | $424878925 | $17400448  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $5612679 | $65346874 | $1492080 | $3786304 | $146093 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

79<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF ASSETS AND LIABILITIES** 

**December 31, 2025(Continued)** 

---

| | |
|:---|:---|
|  | **NEOS S&P 500<sup>®</sup>** <br>**High Income ETF**  |
| **ASSETS:**<br>|  |
| Investments, at value | $6904137828  |
| Dividends receivable | 3618921  |
| Receivable for investments sold | 46242215  |
| Receivable for fund shares sold | 18892476  |
| Dividend tax reclaims receivable | 38979  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 6972930419  |
| **LIABILITIES:**<br>|  |
| Written option contracts, at value | 44284625  |
| Payable for investments purchased | 25510299  |
| Payable to Adviser | 3795325  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 73590249  |
| **NET ASSETS** | $6899340170  |
| **Net Assets Consists of:** <br>|  |
| Paid-in capital | $6061295439  |
| Total distributable earnings | 838044731  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $6899340170  |
| Net assets | $6899340170  |
| Shares issued and outstanding<sup>(a)</sup> | 131440000  |
| Net asset value per share | $52.49  |
| **Cost:** <br>|  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $5909114472  |
| **Proceeds:** <br>|  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $46242214 |

---

<sup>(a)</sup> Unlimited shares authorized.

The accompanying notes are an integral part of these financial statements.

80<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF OPERATIONS** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Bitcoin High** <br>**Income ETF** <br>(Consolidated) <br>**for the Period** <br>**Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Bitcoin High** <br>**Income ETF** <br>(Consolidated) <br>**for the Period** <br>**Ended** <br>**10/17/24 to** <br>**5/31/25** | **NEOS** <br>**Enhanced** <br>**Income** <br>**1-3 Month** <br>**T-Bill ETF** <br>**for the Period** <br>**Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Enhanced** <br>**Income** <br>**1-3 Month** <br>**T-Bill ETF** <br>**for the Year** <br>**Ended** <br>**5/31/25**  | **NEOS** <br>**Enhanced** <br>**Income 20+** <br>**Year Treasury** <br>**Bond ETF** <br>**for the Period** <br>**Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Enhanced** <br>**Income 20+** <br>**Year Treasury** <br>**Bond ETF** <br>**for the Period** <br>**Ended** <br>**12/11/24 to** <br>**5/31/25**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |  |
| Dividend income | $790325 | &nbsp;&nbsp; $— | $354332 | $— | &nbsp;&nbsp;&nbsp; $1611 | &nbsp;&nbsp;&nbsp; $—  |
| Interest income | 12182039 | &nbsp;&nbsp; 1867475 | 14982134 | 23544747 | &nbsp;&nbsp;&nbsp; 146664 | &nbsp;&nbsp;&nbsp; 39383  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 12972364 | &nbsp;&nbsp; 1867475 | 15336466 | 23544747 | &nbsp;&nbsp;&nbsp; 148275 | &nbsp;&nbsp;&nbsp; 39383  |
| **EXPENSES:**<br>|  |  |  |  |  |  |
| Investment advisory fee | 3770737 | &nbsp;&nbsp; 530609 | 1416744 | 1890743 | &nbsp;&nbsp;&nbsp; 18177 | &nbsp;&nbsp;&nbsp; 4839  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3770737 | &nbsp;&nbsp; 530609 | 1416744 | 1890743 | &nbsp;&nbsp;&nbsp; 18177 | &nbsp;&nbsp;&nbsp; 4839  |
| &nbsp;&nbsp;&nbsp; Expense waiver |  | &nbsp;&nbsp; — |  |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 3770737 | &nbsp;&nbsp; 530609 | 1416744 | 1890743 | &nbsp;&nbsp;&nbsp; 18177 | &nbsp;&nbsp;&nbsp; 4839  |
| **Net investment income** | 9201627 | &nbsp;&nbsp; 1336866 | 13919722 | 21654004 | &nbsp;&nbsp;&nbsp; 130098 | &nbsp;&nbsp;&nbsp; 34544  |
| **REALIZED AND UNREALIZED GAIN (LOSS)** | **REALIZED AND UNREALIZED GAIN (LOSS)** |  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (92632136) | &nbsp;&nbsp; (1497201) | (6738473) | (9850226) | &nbsp;&nbsp;&nbsp; (64493) | &nbsp;&nbsp;&nbsp; (23372)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | &nbsp;&nbsp; — |  | 1178 | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (20745912) | &nbsp;&nbsp; 2792097 | 11349904 | 14058761 | &nbsp;&nbsp;&nbsp; 119156 | &nbsp;&nbsp;&nbsp; 23600  |
| Net realized gain (loss) | (113378048) | &nbsp;&nbsp; 1294896 | 4611431 | 4209713 | &nbsp;&nbsp;&nbsp; 54663 | &nbsp;&nbsp;&nbsp; 228  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (46646293) | &nbsp;&nbsp; 11090359 | 169005 | (52560) | &nbsp;&nbsp;&nbsp; (91300) | &nbsp;&nbsp;&nbsp; (155176)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (9316586) | &nbsp;&nbsp; 8622207 | (138720) | (30022) | &nbsp;&nbsp;&nbsp; (1253) | &nbsp;&nbsp;&nbsp; 682  |
|  Net change in unrealized appreciation (depreciation) | (55962879) | &nbsp;&nbsp; 19712566 | 30285 | (82582) | &nbsp;&nbsp;&nbsp; (92553) | &nbsp;&nbsp;&nbsp; (154494)  |
| **Net realized and unrealized gain (loss)** | (169340927) | &nbsp;&nbsp; 21007462 | 4641716 | 4127131 | &nbsp;&nbsp;&nbsp; (37890) | &nbsp;&nbsp;&nbsp; (154266)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(160139300) | &nbsp;&nbsp; $22344328 | $18561438 | $25781135 | &nbsp;&nbsp;&nbsp; $92208 | &nbsp;&nbsp;&nbsp; $(119722) |

---

<sup>(a)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

81<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF OPERATIONS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Enhanced** <br>**Income** <br>**Aggregate** <br>**Bond ETF** <br>**for the Period** <br>**Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Enhanced** <br>**Income** <br>**Aggregate** <br>**Bond ETF** <br>**for the Year** <br>**Ended** <br>**5/31/25** | **NEOS** <br>**Enhanced** <br>**Income Credit** <br>**Select ETF** <br>**for the Period** <br>**Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Enhanced** <br>**Income Credit** <br>**Select ETF** <br>**for the Period** <br>**9/1/24 to** <br>**5/31/25<sup>(b)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |
| Dividend income | $2789916 | $1831888 | $6949981 | $5933188  |
| Interest income |  | 13296 | 85703 | 1019562  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 2789916 | 1845184 | 7035684 | 6952750  |
| **EXPENSES:**<br>|  |  |  |  |
| Investment advisory fee | 360573 | 293158 | 590648 | 662877  |
| Distribution fees |  |  |  | 203  |
| Fund administration and accounting fees |  |  |  | 14947  |
| Transfer agent fees |  |  |  | 1500  |
| Custodian fees |  |  |  | 790  |
| Legal fees |  |  |  | 7455  |
| Audit and tax services fees |  |  |  | 19400  |
| Shareholder reporting fees |  |  |  | 3916  |
| Trustees' fees |  |  |  | 5026  |
| Registration and filing fees |  |  |  | 7780  |
| Other expenses |  |  |  | 31788  |
| &nbsp;&nbsp;&nbsp; Total expenses | 360573 | 293158 | 590648 | 755682  |
| &nbsp;&nbsp;&nbsp; Expense waiver | (19903) | (15091) | (32680) | (59991)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 340670 | 278067 | 557968 | 695691  |
| **Net investment income** | 2449246 | 1567117 | 6477716 | 6257059  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (1380358) | (1501847) | (1444083) | (5116743)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 16036 | 117915 | 44889  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 2644844 | 1800018 | 3912394 | 3189903  |
| Net realized gain (loss) | 1264486 | 314207 | 2586226 | (1881951)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 1637766 | (756513) | (365938) | (2071109)  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (41744) | 27737 | (66781) | 53222  |
| Net change in unrealized appreciation (depreciation) | 1596022 | (728776) | (432719) | (2017887)  |
| **Net realized and unrealized gain(loss)** | 2860508 | (414569) | 2153507 | (3899838)  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $5309754 | $1152548 | $8631223 | $2357221 |

---

<sup>(a)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

<sup>(b)</sup> The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of WST Investment Trust, (the "Predecessor Fund") in a reorganization on September 27, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to September 27, 2024, reflects that of the Predecessor Fund inclusive of expense limitations. The Fund had a change in fiscal year end from August 31 to May 31 as a result of the reorganization (see Note 11). 

The accompanying notes are an integral part of these financial statements.

82<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF OPERATIONS(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Ethereum** <br>**High Income** <br>**ETF** <br>(Consolidated) <br>**for the Period** <br>**Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Gold High** <br>**Income ETF** <br>(Consolidated) <br>**for the Period** <br>**Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **NEOS** <br>**Long/Short** <br>**Equity Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>** | **NEOS** <br>**MLP & Energy** <br>**Infrastructure** <br>**High Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(d)</sup>** | **NEOS** <br>**MSCI EAFE** <br>**High Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(e)</sup>**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $515 | $91348 | &nbsp;&nbsp;&nbsp; $3535 | &nbsp;&nbsp;&nbsp; $22759 | $663849  |
| Dividend withholding taxes | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3402) | —  |
| Interest income. | &nbsp;&nbsp; 12993 | 1753236 | &nbsp;&nbsp;&nbsp; 1269 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 13508 | 1844584 | &nbsp;&nbsp;&nbsp; 4804 | &nbsp;&nbsp;&nbsp; 19357 | 663849  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 4363 | 485874 | &nbsp;&nbsp;&nbsp; 1708 | &nbsp;&nbsp;&nbsp; 1297 | 36790  |
|  Borrowing expense on securities sold short | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 3067 | &nbsp;&nbsp;&nbsp; — | —  |
| Dividends on securities sold short | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 4960 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 4363 | 485874 | &nbsp;&nbsp;&nbsp; 9735 | &nbsp;&nbsp;&nbsp; 1297 | 36790  |
| &nbsp;&nbsp;&nbsp; Expense waiver | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (3856)  |
| &nbsp;&nbsp;&nbsp; Net expenses | &nbsp;&nbsp; 4363 | 485874 | &nbsp;&nbsp;&nbsp; 9735 | &nbsp;&nbsp;&nbsp; 1297 | 32934  |
| **Net investment income/(loss)** | &nbsp;&nbsp; 9145 | 1358710 | &nbsp;&nbsp;&nbsp; (4931) | &nbsp;&nbsp;&nbsp; 18060 | 630915  |
|  **REALIZED AND UNREALIZED GAIN(LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (279906) | 16929912 | &nbsp;&nbsp;&nbsp; 15635 | &nbsp;&nbsp;&nbsp; 25 | (3054)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | 47647  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; 352186 | (2165651) | &nbsp;&nbsp;&nbsp; 3998 | &nbsp;&nbsp;&nbsp; (6605) | 83121  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (126) | —  |
| Net realized gain (loss) | &nbsp;&nbsp; 72280 | 14764261 | &nbsp;&nbsp;&nbsp; 19633 | &nbsp;&nbsp;&nbsp; (6706) | 127714  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (19784) | 7454388 | &nbsp;&nbsp;&nbsp; 33271 | &nbsp;&nbsp;&nbsp; 12527 | 324169  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; 609 | (9191) | &nbsp;&nbsp;&nbsp;&nbsp;(285) | &nbsp;&nbsp;&nbsp; (4371) | 8691  |
| &nbsp;&nbsp;&nbsp; Securities sold short | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; 7499 | &nbsp;&nbsp;&nbsp; — | —  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; — |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (35) | —  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (19175) | 7445197 | &nbsp;&nbsp;&nbsp; 40485 | &nbsp;&nbsp;&nbsp; 8121 | 332860  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 53105 | 22209458 | &nbsp;&nbsp;&nbsp; 60118 | &nbsp;&nbsp;&nbsp; 1415 | 460574  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $62250 | $23568168 | &nbsp;&nbsp;&nbsp; $55187 | &nbsp;&nbsp;&nbsp; $19475 | $1091489 |

---

<sup>(a)</sup> Inception date of the Fund was December 3, 2025.

<sup>(b)</sup> Inception date of the Fund was June 5, 2025.

<sup>(c)</sup> Inception date of the Fund was December 10, 2025.

<sup>(d)</sup> Inception date of the Fund was December 18, 2025.

<sup>(e)</sup> Inception date of the Fund was September 17, 2025.

The accompanying notes are an integral part of these financial statements.

83<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF OPERATIONS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**Hedged** <br>**Equity Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**Hedged** <br>**Equity Income** <br>**ETF for the** <br>**Period 9/1/24** <br>**to 5/31/25<sup>(b)</sup>** | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**High Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**High Income** <br>**ETF for the** <br>**Year Ended** <br>**5/31/25** | **NEOS** <br>**Real Estate** <br>**High Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Real Estate** <br>**High Income** <br>**ETF for the** <br>**Period Ended** <br>**1/15/25 to** <br>**5/31/25**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |  |
| Dividend income | &nbsp;&nbsp; $1440113 | $1883808 | $20212323 | $5951524 | $2478812 | &nbsp;&nbsp;&nbsp; $250212  |
| Dividend withholding taxes | &nbsp;&nbsp; (4563) | (3918) | (69249) | (10749) |  | &nbsp;&nbsp;&nbsp; —  |
| Interest income | &nbsp;&nbsp; — | 133358 |  | 428509 |  | &nbsp;&nbsp;&nbsp; 5687  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 1435550 | 2013248 | 20143074 | 6369284 | 2478812 | &nbsp;&nbsp;&nbsp; 255899  |
| **EXPENSES:**<br>|  |  |  |  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 1345146 | 1621505 | 18477748 | 4980272 | 438133 | &nbsp;&nbsp;&nbsp; 63298  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 1345146 | 1621505 | 18477748 | 4980272 | 438133 | &nbsp;&nbsp;&nbsp; 63298  |
| **Net investment income** | &nbsp;&nbsp; 90404 | 391743 | 1665326 | 1389012 | 2040679 | &nbsp;&nbsp;&nbsp; 192601  |
| **REALIZED AND UNREALIZED GAIN** <br>&nbsp;&nbsp;&nbsp;&nbsp;(LOSS) | **REALIZED AND UNREALIZED GAIN** <br>&nbsp;&nbsp;&nbsp;&nbsp;(LOSS) |  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments. | &nbsp;&nbsp; (9906756) | (21863444) | (35720491) | (9575737) | (62443) | &nbsp;&nbsp;&nbsp; 7416  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 241089 | 28922130 | 163999030 | 4890043 | 70863 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp; 735111 | 11043165 | (45186839) | (3616721) | 3452913 | &nbsp;&nbsp;&nbsp; 533404  |
| Net realized gain (loss) | &nbsp;&nbsp; (8930556) | 18101851 | 83091700 | (8302415) | 3461333 | &nbsp;&nbsp;&nbsp; 540820  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; 46381436 | 10459467 | 505273765 | 105869653 | (2694502) | &nbsp;&nbsp;&nbsp; 50539  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp; (33666) | (1540969) | 642381 | 1107238 | (10558) | &nbsp;&nbsp;&nbsp; (3652)  |
|  Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 46347770 | 8918498 | 505916146 | 106976891 | (2705060) | &nbsp;&nbsp;&nbsp; 46887  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 37417214 | 27020349 | 589007846 | 98674476 | 756273 | &nbsp;&nbsp;&nbsp; 587707  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $37507618 | $27412092 | $590673172 | $100063488 | $2796952 | &nbsp;&nbsp;&nbsp; $780308 |

---

<sup>(a)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

<sup>(b)</sup> The Fund acquired all the assets and liabilities of the Nationwide Nasdaq-100<sup>®</sup> Risk-Managed Income ETF, a series of the ETF Series Solutions Trust (the "Predecessor Fund") in a reorganization on November 11, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to November 11, 2024, reflects that of the Predecessor Fund. The Fund had a change in fiscal year end from August 31 to May 31 as a result of the reorganization (see Note 11). 

The accompanying notes are an integral part of these financial statements.

84<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF OPERATIONS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Russell 2000<sup>®</sup>** <br>**High Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**Russell 2000<sup>®</sup>** <br>**High Income** <br>**ETF for the** <br>**Period Ended** <br>**6/25/24 to** <br>**5/31/25** | **NEOS** <br>**S&P 500<sup>®</sup>** <br>**Hedged** <br>**Equity** <br>**Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  | **NEOS** <br>**S&P 500<sup>®</sup>** <br>**Hedged** <br>**Equity** <br>**Income ETF**<br>**for the Period** <br>**Ended 4/3/25** <br>**to 5/31/25** | **NEOS** <br>**S&P 500<sup>®</sup>** <br>**High Income** <br>**ETF for the** <br>**Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>** | **NEOS** <br>**S&P 500<sup>®</sup>** <br>**High Income** <br>**ETF for the** <br>**Year Ended** <br>**5/31/25**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |  |
| Dividend income | $3518948 | $1168976 | &nbsp;&nbsp; $71208 | &nbsp;&nbsp;&nbsp;&nbsp; $2404 | $38702914 | $33065583  |
| Dividend withholding taxes |  |  | &nbsp;&nbsp;&nbsp;&nbsp;(23) | &nbsp;&nbsp;&nbsp;&nbsp; — | (16273) | (7985)  |
| Interest income |  | 49448 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 131 |  | 999934  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 3518948 | 1218424 | &nbsp;&nbsp; 71185 | &nbsp;&nbsp;&nbsp;&nbsp; 2535 | 38686641 | 34057532  |
| **EXPENSES:**<br>|  |  |  |  |  |  |
| Investment advisory fee | 1180614 | 670959 | &nbsp;&nbsp; 38617 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | 20775981 | 16361817  |
| &nbsp;&nbsp;&nbsp; Total expenses | 1180614 | 670959 | &nbsp;&nbsp; 38617 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | 20775981 | 16361817  |
| &nbsp;&nbsp;&nbsp; Expense waiver | (142809) | (98675) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; — |  | —  |
| &nbsp;&nbsp;&nbsp; Net expenses | 1037805 | 572284 | &nbsp;&nbsp; 38617 | &nbsp;&nbsp;&nbsp;&nbsp; 1250 | 20775981 | 16361817  |
| **Net investment income** | 2481143 | 646140 | &nbsp;&nbsp; 32568 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | 17910660 | 17695715  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments. | (763091) | (798850) | &nbsp;&nbsp; (312693) | &nbsp;&nbsp;&nbsp;&nbsp; (7859) | (27233540) | (16032934)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | 3874997 | 660572 | &nbsp;&nbsp; 224016 | &nbsp;&nbsp;&nbsp;&nbsp; — | 90568840 | 18100462  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 2585992 | 3588159 | &nbsp;&nbsp; 171769 | &nbsp;&nbsp;&nbsp;&nbsp; (1635) | (51353247) | (10875989)  |
| Net realized gain (loss) | 5697898 | 3449881 | &nbsp;&nbsp; 83092 | &nbsp;&nbsp;&nbsp;&nbsp; (9494) | 11982053 | (8808461)  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 38560584 | (11374813) | &nbsp;&nbsp; 824128 | &nbsp;&nbsp;&nbsp;&nbsp; 37283 | 653164661 | 214414457  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (343001) | 148545 | &nbsp;&nbsp; 5068 | &nbsp;&nbsp;&nbsp;&nbsp; 1285 | (1073354) | 4233951  |
|  Net change in unrealized appreciation (depreciation) | 38217583 | (11226268) | &nbsp;&nbsp; 829196 | &nbsp;&nbsp;&nbsp;&nbsp; 38568 | 652091307 | 218648408  |
| **Net realized and unrealized gain(loss)** | 43915481 | (7776387) | &nbsp;&nbsp; 912288 | &nbsp;&nbsp;&nbsp;&nbsp; 29074 | 664073360 | 209839947  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $46396624 | $(7130247) | &nbsp;&nbsp; $944856 | &nbsp;&nbsp;&nbsp;&nbsp; $30359 | $681984020 | $227535662 |

---

<sup>(a)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

85<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF CHANGES IN NET ASSETS** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS Bitcoin High** <br>**Income ETF (Consolidated)** | **NEOS Bitcoin High** <br>**Income ETF (Consolidated)** | **NEOS Enhanced Income** <br>**1-3 Month T-Bill ETF**  | **NEOS Enhanced Income** <br>**1-3 Month T-Bill ETF**  | **NEOS Enhanced Income** <br>**1-3 Month T-Bill ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **2025**  | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $9201627 | $1336866 | $13919722 | $21654004 | $12030939  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (113378048) | 1294896 | 4611431 | 4209713 | 1461102  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (55962879) | 19712566 | 30285 | (82582) | 192721  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from** <br>**operations** | (160139300) | 22344328 | 18561438 | 25781135 | 13684762  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (61072056) | (2638033) | (18447565) | (25846983) | (13553733)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (48893912) | (15661431) | (515401) | (1124971) | (1282823)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (109965968) | (18299464) | (18962966) | (26971954) | (14836556)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1028600105 | 242376210 | 305043569 | 297304052 | 413865914  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (17310637) |  | (2985504) | (233709666) | (71049803)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 1011289468 | 242376210 | 302058065 | 63594386 | 342816111  |
| **Net increase (decrease) in net assets** | 741184200 | 246421074 | 301656537 | 62403567 | 341664317  |
| **NET ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 246421074 |  | 504177262 | 441773695 | 100109378  |
| &nbsp;&nbsp;&nbsp; End of the period | $987605274 | $246421074 | $805833799 | $504177262 | $441773695  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 18620000 | 4180000 | 6130000 | 5970000 | 8290000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (340000) |  | (60000) | (4700000) | (1420000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 18280000 | 4180000 | 6070000 | 1270000 | 6870000 |

---

<sup>(a)</sup> Inception date of the Fund was October 17, 2024.

<sup>(b)</sup> As of December 1, 2025 the Fund changed its fiscal and tax year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

86<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS Enhanced Income** <br>**20+ Year Treasury Bond ETF** | **NEOS Enhanced Income** <br>**20+ Year Treasury Bond ETF** | **NEOS Enhanced Income** <br>**Aggregate Bond ETF**  | **NEOS Enhanced Income** <br>**Aggregate Bond ETF**  | **NEOS Enhanced Income** <br>**Aggregate Bond ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $130098 | &nbsp;&nbsp;&nbsp; $34544 | $2449246 | $1567117 | $156080  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 54663 | &nbsp;&nbsp;&nbsp; 228 | 1264486 | 314207 | 40998  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (92553) | &nbsp;&nbsp;&nbsp; (154494) | 1596022 | (728776) | (124902)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 92208 | &nbsp;&nbsp;&nbsp; (119722) | 5309754 | 1152548 | 72176  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (185428) | &nbsp;&nbsp;&nbsp; (35815) | (3622253) | (1928433) | (202156)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; (19579) | &nbsp;&nbsp;&nbsp; (19685) |  | (1049960) | (112364)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (205007) | &nbsp;&nbsp;&nbsp; (55500) | (3622253) | (2978393) | (314520)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 7049828 | &nbsp;&nbsp;&nbsp; 2914133 | 43679426 | 77841467 | 9497973  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (476214) | (476916) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 7049828 | &nbsp;&nbsp;&nbsp; 2914133 | 43203212 | 77364551 | 9497973  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp; 6937029 | &nbsp;&nbsp;&nbsp; 2738911 | 44890713 | 75538706 | 9255629  |
| **NET ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 2738911 | &nbsp;&nbsp;&nbsp; — | 86727258 | 11188552 | 1932923  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $9675940 | &nbsp;&nbsp;&nbsp; $2738911 | $131617971 | $86727258 | $11188552  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 60000 | 920000 | 1630000 | 200000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — | (10000) | (10000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 150000 | &nbsp;&nbsp;&nbsp; 60000 | 910000 | 1620000 | 200000 |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2024.

<sup>(b)</sup> As of December 1, 2025 the Fund changed its fiscal and tax year end to December 31 to May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

87<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS Enhanced Income** <br>**Credit Select ETF** | **NEOS Enhanced Income** <br>**Credit Select ETF** | **NEOS Enhanced Income** <br>**Credit Select ETF** | **NEOS Ethereum** <br>**High Income ETF** <br>(Consolidated) | **NEOS Gold** <br>**High Income ETF** <br>(Consolidated)  |
|  | **Period Ended** <br>**December 31,**<br>**2025<sup>(f)</sup>** | **Period Ended** <br>**September 1, 2024** <br>**to May 31,** <br>**2025<sup>(c)</sup>** | **Year Ended** <br>**August 31, 2024<sup>(e)</sup>** | **Period Ended** <br>**December 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)(f)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6477716 | &nbsp;&nbsp;&nbsp; $6257059 | &nbsp;&nbsp;&nbsp; $7846799 | &nbsp;&nbsp;&nbsp;&nbsp; $9145 | &nbsp;&nbsp;&nbsp; $1358710  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 2586226 | &nbsp;&nbsp;&nbsp; (1881951) | &nbsp;&nbsp;&nbsp; 698750 | &nbsp;&nbsp;&nbsp;&nbsp; 72280 | &nbsp;&nbsp;&nbsp; 14764261  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (432719) | &nbsp;&nbsp;&nbsp; (2017887) | &nbsp;&nbsp;&nbsp; 2633773 | &nbsp;&nbsp;&nbsp;&nbsp; (19175) | &nbsp;&nbsp;&nbsp; 7445197  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 8631223 | &nbsp;&nbsp;&nbsp; 2357221 | &nbsp;&nbsp;&nbsp; 11179322 | &nbsp;&nbsp;&nbsp;&nbsp; 62250 | &nbsp;&nbsp;&nbsp; 23568168  |
|  **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (6477716) | &nbsp;&nbsp;&nbsp; (7707273) | &nbsp;&nbsp;&nbsp; (7732892) | &nbsp;&nbsp;&nbsp;&nbsp; (60680) | &nbsp;&nbsp;&nbsp; (8990722)  |
| &nbsp;&nbsp;&nbsp; From return of capital | (1195890) | &nbsp;&nbsp;&nbsp; (2214922) | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (193079) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7673606) | &nbsp;&nbsp;&nbsp; (9922195) | &nbsp;&nbsp;&nbsp; (7732892) | &nbsp;&nbsp;&nbsp;&nbsp; (253759) | &nbsp;&nbsp;&nbsp; (8990722)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 64557918 | &nbsp;&nbsp;&nbsp; 21845064 | &nbsp;&nbsp;&nbsp; 30388976 | &nbsp;&nbsp;&nbsp;&nbsp; 12917121 | &nbsp;&nbsp;&nbsp; 261745628  |
| &nbsp;&nbsp;&nbsp; Shares reinvested |  | &nbsp;&nbsp;&nbsp; 1911324 | &nbsp;&nbsp;&nbsp; 7516864 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (8553785) | &nbsp;&nbsp;&nbsp; (12502137) | &nbsp;&nbsp;&nbsp; (44739313) | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 56004133 | &nbsp;&nbsp;&nbsp; 11254251 | &nbsp;&nbsp;&nbsp; (6833473) | &nbsp;&nbsp;&nbsp;&nbsp; 12917121 | &nbsp;&nbsp;&nbsp; 261745628  |
| **Net increase (decrease) in net assets** | 56961750 | &nbsp;&nbsp;&nbsp; 3689277 | &nbsp;&nbsp;&nbsp; (3387043) | &nbsp;&nbsp;&nbsp;&nbsp; 12725612 | &nbsp;&nbsp;&nbsp; 276323074  |
| **NET ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 139801341 | &nbsp;&nbsp;&nbsp; 136112064 | &nbsp;&nbsp;&nbsp; 139499107 | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | $196763091 | &nbsp;&nbsp;&nbsp; $139801341 | &nbsp;&nbsp;&nbsp; $136112064 | &nbsp;&nbsp;&nbsp;&nbsp; $12725612 | &nbsp;&nbsp;&nbsp; $276323074  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 1280000 | &nbsp;&nbsp;&nbsp; 412000<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 573020<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 4950000  |
| &nbsp;&nbsp;&nbsp; Shares exchanged |  | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; 72779<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; — |
| &nbsp;&nbsp;&nbsp; Shares reinvested |  | &nbsp;&nbsp;&nbsp; 36441<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 142815<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (170000) | &nbsp;&nbsp;&nbsp; (231221)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (797592)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 1110000 | &nbsp;&nbsp;&nbsp; 217220<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; (8.978)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp;&nbsp; 260000 | &nbsp;&nbsp;&nbsp; 4950000 |

---

<sup>(a)</sup> Inception date of the Fund was December 3, 2025.

<sup>(b)</sup> Inception date of the Fund was June 5, 2025.

<sup>(c)</sup> The Fund acquired all of the assets and liabilities of the Predecessor Fund in a reorganization on September 27, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to September 27, 2024, reflects that of the Predecessor Fund inclusive of expense limitations. Prior to September 27, 2024, the Predecessor Fund operated as a traditional open-end mutual fund (see Note 11).

<sup>(d)</sup> As described in Note 5, share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective December 26, 2024. 

<sup>(e)</sup> The Predecessor Fund's (WSTCM Credit Select Risk-Managed Fund) fiscal year end was August 31, 2024 prior to the reorganization as described further in footnote (c).

<sup>(f)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

88<br>

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **NEOS Long/Short** <br>**Equity Income ETF** | **NEOS MLP & Energy** <br>**Infrastructure** <br>**High Income ETF** | **NEOS MSCI EAFE** <br>**High Income ETF**  |
|  | **Period Ended** <br>**December 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31, 2025<sup>(b)</sup>** | **Period Ended** <br>**December 31, 2025<sup>(c)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $(4931) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $18060 | &nbsp;&nbsp;&nbsp;&nbsp; $630915  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19633 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (6706) | &nbsp;&nbsp;&nbsp;&nbsp; 127714  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 40485 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 8121 | &nbsp;&nbsp;&nbsp;&nbsp; 332860  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 55187 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 19475 | &nbsp;&nbsp;&nbsp;&nbsp; 1091489  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (14466) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (17934) | &nbsp;&nbsp;&nbsp;&nbsp; (761858)  |
| &nbsp;&nbsp;&nbsp; From return of capital  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (4505)  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (60353)  | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (18971) | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (78287) | &nbsp;&nbsp;&nbsp;&nbsp; (761858)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5589300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34050511 | &nbsp;&nbsp;&nbsp;&nbsp; 47726916  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (3000660)  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital** <br>**transactions** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5589300 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 34050511 | &nbsp;&nbsp;&nbsp;&nbsp; 44726256  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 5625516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 33991699 | &nbsp;&nbsp;&nbsp;&nbsp; 45055887  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $5625516 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $33991699 | &nbsp;&nbsp;&nbsp;&nbsp; $45055887  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 950000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (60000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 110000 | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 680000 | &nbsp;&nbsp;&nbsp;&nbsp; 890000 |

---

<sup>(a)</sup> Inception date of the Fund was December 10, 2025.

<sup>(b)</sup> Inception date of the Fund was December 18, 2025.

<sup>(c)</sup> Inception date of the Fund was September 17, 2025.

The accompanying notes are an integral part of these financial statements.

89<br>

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **NEOS Nasdaq-100<sup>®</sup>** <br>**Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup>** <br>**Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup>** <br>**Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup>** <br>**High Income ETF**  | **NEOS Nasdaq-100<sup>®</sup>** <br>**High Income ETF**  | **NEOS Nasdaq-100<sup>®</sup>** <br>**High Income ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>** | **Period Ended** <br>**September 1, 2024** <br>**to May 31, 2025<sup>(a)</sup>** | **Year Ended** <br>**August 31,** <br>**2024<sup>(d)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>** | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>** | **Period Ended** <br>**September 1, 2024** <br>**to May 31, 2025<sup>(a)</sup>** | **Year Ended** <br>**August 31,** <br>**2024<sup>(d)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(c)</sup>** | **2025** | **2024<sup>(e)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $90404 | &nbsp;&nbsp;&nbsp; $391743 | $903624 | $1665326 | $1389012 | $78064  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (8930556) | &nbsp;&nbsp;&nbsp; 18101851 | 35319168 | 83091700 | (8302415) | (521125)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 46347770 | &nbsp;&nbsp;&nbsp; 8918498 | 57079257 | 505916146 | 106976891 | 5051198  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 37507618 | &nbsp;&nbsp;&nbsp; 27412092 | 93302049 | 590673172 | 100063488 | 4608137  |
|  **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (90404) | &nbsp;&nbsp;&nbsp; (391743) | (903624) | (1665326) | (3141848)  | (78064) |
| &nbsp;&nbsp;&nbsp; From return of capital | (18191616) | &nbsp;&nbsp;&nbsp; (20264190) | (29598677) | (412031734) | (110249033) | (4355312)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (18282020) | &nbsp;&nbsp;&nbsp; (20655933) | (30502301) | (413697060) | (113390881) | (4433376)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 27198587 | &nbsp;&nbsp;&nbsp; 3095511 | 6433500 | 6019014822 | 1602338104  | 215642525 |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (540467) | &nbsp;&nbsp;&nbsp; (37883364) | (161498005) | (536589597) | (26492888) | —  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; ETF transaction fees <br>(See Note 7) |  | &nbsp;&nbsp;&nbsp; — |  |  | 1 | 1  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 26658120 | &nbsp;&nbsp;&nbsp; (34787853) | (155064505) | 5482425225 | 1575845217 | 215642526  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net** <br>**assets** | 45883718 | &nbsp;&nbsp;&nbsp; (28031694) | (92264757) | 5659401337 | 1562517824 | 215817287  |
| **NET ASSETS:**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 305930069 | &nbsp;&nbsp;&nbsp; 333961763 | 426226520 | 1778335111 | 215817287 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | $351813787 | &nbsp;&nbsp;&nbsp; $305930069 | $333961763 | $7437736448 | $1778335111 | $215817287  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 510000 | &nbsp;&nbsp;&nbsp; 60000<sup>(b)</sup> | 125000<sup>(b)</sup> | 112690000 | 31610000 | 4280000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (10000) | &nbsp;&nbsp;&nbsp; (740019)<sup>(b)</sup> | (3475000)<sup>(</sup><sup>b</sup><sup>)</sup> | (9890000) | (550000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 500000 | &nbsp;&nbsp;&nbsp; (680019)<sup>(b)</sup> | (3350000)<sup>(</sup><sup>b</sup><sup>)</sup> | 102800000 | 31060000 | 4280000 |

---

<sup>(a)</sup> The Fund acquired all of the assets and liabilities of the Predecessor Fund in a reorganization on November 11, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to November 11, 2024, reflects that of the Predecessor Fund (see Note 11).

<sup>(b)</sup> As described in Note 5, share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective February 20, 2025. 

<sup>(c)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

<sup>(d)</sup> The Predecessor Fund's (Nationwide Nasdaq-100 Risk-Managed Income ETF) fiscal year end was August 31, 2024 prior to the reorganization as described in footnote (a).

<sup>(e)</sup> Inception date of the Fund was January 30, 2024.

The accompanying notes are an integral part of these financial statements.

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEOS Real Estate** <br>**High Income ETF** | **NEOS Real Estate** <br>**High Income ETF** | **NEOS Russell 2000<sup>®</sup>** <br>**High Income ETF**  | **NEOS Russell 2000<sup>®</sup>** <br>**High Income ETF**  |
|  | **Period Ended** <br>**December 31, 2025<sup>(c)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31, 2025<sup>(c)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp;&nbsp; $2040679 | &nbsp;&nbsp; $192601 | &nbsp;&nbsp;&nbsp;&nbsp; $2481143 | $646140  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp;&nbsp; 3461333 | &nbsp;&nbsp; 540820 | &nbsp;&nbsp;&nbsp;&nbsp; 5697898 | 3449881  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp;&nbsp; (2705060) | &nbsp;&nbsp; 46887 | &nbsp;&nbsp;&nbsp;&nbsp; 38217583 | (11226268)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp;&nbsp; 2796952 | &nbsp;&nbsp; 780308 | &nbsp;&nbsp;&nbsp;&nbsp; 46396624 | (7130247)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp;&nbsp; (5759733) | &nbsp;&nbsp; (761721) | &nbsp;&nbsp;&nbsp;&nbsp; (4724132) | (4386442)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp;&nbsp;&nbsp; (1657308) | &nbsp;&nbsp; (483942) | &nbsp;&nbsp;&nbsp;&nbsp; (21504877) | (11086145)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp;&nbsp; (7417041) | &nbsp;&nbsp; (1245663) | &nbsp;&nbsp;&nbsp;&nbsp; (26229009) | (15472587)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 133665316 | &nbsp;&nbsp; 48777779 | &nbsp;&nbsp;&nbsp;&nbsp; 281714820 | 213767286  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (495590) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (28519732) | (13517403)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp;&nbsp; 133169726 | &nbsp;&nbsp; 48777779 | &nbsp;&nbsp;&nbsp;&nbsp; 253195088 | 200249883  |
| **Net increase (decrease) in net assets** | &nbsp;&nbsp;&nbsp;&nbsp; 128549637 | &nbsp;&nbsp; 48312424 | &nbsp;&nbsp;&nbsp;&nbsp; 273362703 | 177647049  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp;&nbsp; 48312424 | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; 177647049 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp;&nbsp; $176862061 | &nbsp;&nbsp; $48312424 | &nbsp;&nbsp;&nbsp;&nbsp; $451009752 | $177647049  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp;&nbsp; 2680000 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 5840000 | 4330000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp;&nbsp; (10000) | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (600000) | (300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp;&nbsp; 2670000 | &nbsp;&nbsp; 970000 | &nbsp;&nbsp;&nbsp;&nbsp; 5240000 | 4030000 |

---

<sup>(a)</sup> Inception date of the Fund was January 15, 2025.

<sup>(b)</sup> Inception date of the Fund was June 25, 2024.

<sup>(c)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

91<br>

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**STATEMENTS OF CHANGES IN NET ASSETS(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS S&P 500<sup>®</sup>** <br>**Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup>** <br>**Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup>** <br>**High Income ETF**  | **NEOS S&P 500<sup>®</sup>** <br>**High Income ETF**  | **NEOS S&P 500<sup>®</sup>** <br>**High Income ETF**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**December 31,** <br>**2025<sup>(b)</sup>** | **2025**  | **2024** |
| **OPERATIONS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $32568 | &nbsp;&nbsp;&nbsp; $1285 | $17910660 | $17695715 | $5121107  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 83092 | &nbsp;&nbsp;&nbsp; (9494) | 11982053 | (8808461) | (47359820)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 829196 | &nbsp;&nbsp;&nbsp; 38568 | 652091307 | 218648408 | 125689111  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 944856 | &nbsp;&nbsp;&nbsp; 30359 | 681984020 | 227535662 | 83450398  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (32568) | &nbsp;&nbsp;&nbsp; (1285) | (17910660) | (17695715)  | (9548376) |
| &nbsp;&nbsp;&nbsp; From return of capital | (447436) | &nbsp;&nbsp;&nbsp; (17205) | (361137471) | (285789094) | (62890517)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (480004) | &nbsp;&nbsp;&nbsp; (18490) | (379048131) | (303484809) | (72438893)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 16763065 | &nbsp;&nbsp;&nbsp; 2026634 | 3144210756 | 2471211730 | 1362850824  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (1091918) | &nbsp;&nbsp;&nbsp; — | (244665544) | (82301293) | (15527100)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 15671147 | &nbsp;&nbsp;&nbsp; 2026634 | 2899545212 | 2388910437 | 1347323724  |
| **Net increase (decrease) in net assets** | 16135999 | &nbsp;&nbsp;&nbsp; 2038503 | 3202481101 | 2312961290 | 1358335229  |
| **NET ASSETS:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 2038503 | &nbsp;&nbsp;&nbsp; — | 3696859069 | 1383897779 | 25562550  |
| &nbsp;&nbsp;&nbsp; End of the period | $18174502 | &nbsp;&nbsp;&nbsp; $2038503 | $6899340170 | $3696859069 | $1383897779  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 310000 | &nbsp;&nbsp;&nbsp; 40000 | 60810000 | 49120000 | 27750000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (20000) | &nbsp;&nbsp;&nbsp; — | (4710000) | (1740000) | (320000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 290000 | &nbsp;&nbsp;&nbsp; 40000 | 56100000 | 47380000 | 27430000 |

---

<sup>(a)</sup> Inception date of the Fund was April 3, 2025.

<sup>(b)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS LONG/SHORT EQUITY INCOME ETF** 

**STATEMENT OF CASH FLOWS** 

**For the Period Ended December 31, 2025<sup>(a)</sup>** 

---

| | |
|:---|:---|
| **CASH FLOWS FROM OPERATING ACTIVITIES:**<br>|  |
| Net increase in net assets resulting from operations | $55187  |
|  Adjustments to reconcile net increase/(decrease) in net assets from operations to net cash from operating activities:<br>|  |
| &nbsp;&nbsp;&nbsp; Proceeds from securities sold short | 2872928  |
| &nbsp;&nbsp;&nbsp; Proceeds from sales of investments | 687883  |
| &nbsp;&nbsp;&nbsp; Premiums received on written option contracts | 9272  |
| &nbsp;&nbsp;&nbsp; Return of capital on securities sold short | (26)  |
| &nbsp;&nbsp;&nbsp; Purchases of written options to close | (2239)  |
| &nbsp;&nbsp;&nbsp; Purchases of investments | (6032175)  |
| &nbsp;&nbsp;&nbsp; Purchase of short-term investment securities, net | (986422)  |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss on written option contracts expired or closed | (3998)  |
| &nbsp;&nbsp;&nbsp; Net realized (gain) loss investments | (15635)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on written option contracts | 285  |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on securities sold short | (7499)  |
| &nbsp;&nbsp;&nbsp; Change in unrealized (appreciation) depreciation on investments | (33271)  |
| &nbsp;&nbsp;&nbsp; Increase in receivable for investment securities sold | (3288)  |
| &nbsp;&nbsp;&nbsp; Increase in dividend receivable | (3967)  |
| &nbsp;&nbsp;&nbsp; Increase in payable for investments purchased | 1992  |
| &nbsp;&nbsp;&nbsp; Increase in payable to adviser | 1708  |
| &nbsp;&nbsp;&nbsp; Increase in dividends payable on securities sold short | 4839  |
| &nbsp;&nbsp;&nbsp; **Net cash used in operating activities** | (3454426)  |
| **CASH FLOWS FROM FINANCING ACTIVITIES:**<br>|  |
| Cash proceeds from shares sold\* | 4400486  |
| Cash distributions paid to shareholders | (18971)  |
| Cash proceeds from transaction fees | —  |
| &nbsp;&nbsp;&nbsp; **Net cash provided by financing activities** | 4381515  |
| **Net change in cash** | $927089  |
| **CASH AND RESTRICTED CASH:**<br>|  |
| Beginning balance | —  |
| Ending balance | $927089  |
| **SUPPLEMENTAL DISCLOSURES AND NON-CASH INFORMATION:**<br>|  |
| Interest expense | $3067  |
| Noncash operating activities not included herein consists of investments purchased in-kind of | 1188814 |
| Noncash financing activities not included herein consists of shares sold in-kind of | 1188814  |
|  **RECONCILIATION OF RESTRICTED AND UNRESTRICTED CASH AT THE END OF PERIOD TO THE STATEMENT OF ASSETS AND LIABILITIES**<br>|  |
| Deposits at broker for securities sold short | $927089 |

---

\* For standard in-kind capital transactions processed on days when liabilities exceed other assets the Fund will pay cash on shares sold and receive cash on shares redeemed.

<sup>(a)</sup> Inception date of the Fund was December 10, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS BITCOIN HIGH INCOME ETF** 

**CONSOLIDATED Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $58.95 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.76 | &nbsp;&nbsp;&nbsp;&nbsp;0.86  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (6.80) | &nbsp;&nbsp;&nbsp;&nbsp;19.19  |
| **Total from investment operations** | &nbsp;&nbsp; (6.04) | &nbsp;&nbsp;&nbsp;&nbsp;20.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.75) | &nbsp;&nbsp;&nbsp; (4.26)  |
| Net realized gains | &nbsp;&nbsp; (4.22) | &nbsp;&nbsp;&nbsp; (0.33)  |
| Return of capital | &nbsp;&nbsp; (3.97) | &nbsp;&nbsp;&nbsp; (6.51)  |
| **Total distributions** | &nbsp;&nbsp; (8.94) | &nbsp;&nbsp;&nbsp; (11.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $43.97 | &nbsp;&nbsp;&nbsp; $58.95  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -12.50% | &nbsp;&nbsp;&nbsp; 43.24%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $987605 | &nbsp;&nbsp;&nbsp; $246421  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.39% | &nbsp;&nbsp;&nbsp; 2.47%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 10% | &nbsp;&nbsp;&nbsp; 1% |

---

<sup>(a)</sup> Inception date of the Fund was October 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses, if any, of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

94<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS ENHANCED INCOME 1-3 MONTH T-BILL ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(g)</sup>** | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(g)</sup>** | **2025** | **2024**  | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.72 | $49.81 | $50.05 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 1.09 | 2.17 | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.73  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.36 | 0.44 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32  |
| **Total from investment operations** | 1.45 | 2.61 | 2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.10) | (2.17) | (2.61) | &nbsp;&nbsp;&nbsp; (1.31)  |
| Net realized gains | &nbsp;&nbsp; (0.31) | (0.42) | (0.20) | &nbsp;&nbsp;&nbsp; (0.63)  |
| Return of capital | &nbsp;&nbsp; (0.05) | (0.11) | (0.26) | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp; (1.46) | (2.70) | (3.07) | &nbsp;&nbsp;&nbsp; (2.00)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $49.71 | $49.72 | $49.81 | &nbsp;&nbsp;&nbsp; $50.05  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 2.96% | 5.39% | 5.80% | &nbsp;&nbsp;&nbsp; 4.18%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $805834 | $504177 | $441774 | &nbsp;&nbsp;&nbsp; $100109  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.38% | 0.38% | 0.38% | &nbsp;&nbsp;&nbsp; 0.38%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets<sup>(e)</sup> | &nbsp;&nbsp; 3.73% | 4.35% | 4.99% | &nbsp;&nbsp;&nbsp; 4.58%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 0% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

95<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NEOS ENHANCED INCOME 20+ YEAR TREASURY BOND ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $45.65 | &nbsp;&nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;1.14 | &nbsp;&nbsp;&nbsp;&nbsp;0.92  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.99 | &nbsp;&nbsp;&nbsp;&nbsp; (3.79)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.13 | &nbsp;&nbsp;&nbsp;&nbsp; (2.87)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.18) | &nbsp;&nbsp;&nbsp;&nbsp; (0.98)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.36) | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| Return of capital | &nbsp;&nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.48)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.70) | &nbsp;&nbsp;&nbsp;&nbsp; (1.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $46.08 | &nbsp;&nbsp;&nbsp;&nbsp; $45.65  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 4.68% | &nbsp;&nbsp;&nbsp;&nbsp; -5.77%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $9676 | &nbsp;&nbsp;&nbsp;&nbsp; $2739  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.15% | &nbsp;&nbsp;&nbsp;&nbsp; 4.14%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp;&nbsp; 0%<sup>(g)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Amount represents less than 0.5%. 

<sup>(h)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS ENHANCED INCOME AGGREGATE BOND ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **2025** | **2024**  | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $46.63 | $46.62 | $48.32 | &nbsp;&nbsp;&nbsp;&nbsp; $49.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 1.10 | 1.46 | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.78  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.38 | 1.22 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)  |
| **Total from investment operations** | 2.48 | 2.68 | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.38  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.11) | (1.78) | (1.46) | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)  |
| Net realized gains | &nbsp;&nbsp; (0.48) | (0.21) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)  |
| Return of capital | &nbsp;&nbsp; — | (0.68) | (0.80) | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)  |
| **Total distributions** | &nbsp;&nbsp; (1.59) | (2.67) | (2.50) | &nbsp;&nbsp;&nbsp;&nbsp; (1.83)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $47.52 | $46.63 | $46.62 | &nbsp;&nbsp;&nbsp;&nbsp; $48.32  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 5.37% | 5.85% | 1.74% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $131618 | $86727 | $11189 | &nbsp;&nbsp;&nbsp;&nbsp; $1933  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.58% | 0.58% | 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%  |
| &nbsp;&nbsp;&nbsp; After expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.55% | 0.55% | 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55%  |
| &nbsp;&nbsp;&nbsp; Ratio of net investment income (loss) to average <br>net assets<sup>(f)</sup> | &nbsp;&nbsp; 3.94% | 3.10% | 2.71% | &nbsp;&nbsp;&nbsp;&nbsp; 2.14%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% | 1% | 1% | &nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses, if any, of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS ENHANCED INCOME CREDIT SELECT ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(i)</sup>** | **Period** <br>**September 1,** <br>**2024 to May 31,** <br>**2025<sup>(e)</sup>** | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(i)</sup>** | **Period** <br>**September 1,** <br>**2024 to May 31,** <br>**2025<sup>(e)</sup>** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(f)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.86 | &nbsp;&nbsp;&nbsp; $52.60 | $51.35 | $52.25 | $55.05 | $52.95  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(a)</sup> | 2.11 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | 2.85 | 2.25 | 0.65 | 1.60  |
|  Net realized and unrealized gain (loss) on investments<sup>(b)</sup> | 0.76 | &nbsp;&nbsp;&nbsp; (1.36) | 1.30 | (1.30) | (2.00) | 1.80  |
| **Total from investment operations** | 2.87 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 4.15 | 0.95 | (1.35) | 3.40  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (2.08) | &nbsp;&nbsp;&nbsp; (2.91) | (2.90) | (1.85) | (1.45) | (1.30)  |
| Return of capital | &nbsp;&nbsp; (0.38) | &nbsp;&nbsp;&nbsp; (0.80) |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp;&nbsp; (3.71) | (2.90) | (1.85) | (1.45) | (1.30)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $50.27 | &nbsp;&nbsp;&nbsp; $49.86 | $52.60 | $51.35 | $52.25 | $55.05  |
| Total return<sup>(h)</sup> | &nbsp;&nbsp; 5.86% | &nbsp;&nbsp;&nbsp; 1.89% | 8.32% | 1.86% | -2.49% | 6.47%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(c)</sup>** |  |  |  |  |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp; $196763 | &nbsp;&nbsp;&nbsp; $139801 | $136112 | $133238 | $114457 | $62659  |
|  Ratio of expenses to average net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before waivers<sup>(g)</sup> | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.73% | 0.91% | 0.89% | 0.97% | 1.05%  |
| &nbsp;&nbsp;&nbsp; After waivers<sup>(g)</sup>. | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.68% | 0.90% | 0.88% | 0.97% | 1.05%  |
|  Ratio of net investment income (loss) to average net assets<sup>(g)</sup> | &nbsp;&nbsp; 7.13% | &nbsp;&nbsp;&nbsp; 6.08% | 5.55% | 4.31% | 1.22% | 2.99%  |
| Portfolio turnover rate<sup>(d)(h)</sup> | &nbsp;&nbsp; 82% | &nbsp;&nbsp;&nbsp; 348% | 293% | 879% | 837% | 337% |

---

<sup>(a)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(b)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(c)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.

<sup>(d)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(e)</sup> The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of WST Investment Trust, (the "Predecessor Fund") in a reorganization on September 27, 2024. The Predecessor Fund's performance and financial history, inclusive of expense limitations, has been adopted by the Fund and will be used going forward. As a result, the information prior to September 27, 2024, reflects that of the Predecessor Fund' Institutional Shares inclusive of expense limitations.

<sup>(f)</sup> Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective December 26, 2024.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Not annualized for periods less than one year.

<sup>(i)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS Ethereum High Income ETF** 

**Consolidated Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.08  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.27  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.35  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.05)  |
| Net realized gains | &nbsp;&nbsp; (0.29)  |
| Return of capital | &nbsp;&nbsp; (1.07)  |
| **Total distributions** | &nbsp;&nbsp; (1.41)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $48.94  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 0.74%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $12726  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.98%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.05%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was December 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

The accompanying notes are an integral part of these financial statements.

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**NEOS GOLD HIGH INCOME ETF** 

**CONSOLIDATED Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)(h)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.68  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 8.99  |
| **Total from investment operations** | 9.67  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.66)  |
| Net realized gains | &nbsp;&nbsp; (3.19)  |
| **Total distributions** | &nbsp;&nbsp; (3.85) |
| **Net asset value, end of period** | &nbsp;&nbsp; $55.82  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 20.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $276323  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.78%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.18%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was June 5, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS LONG/SHORT EQUITY INCOME ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment loss<sup>(b)</sup> | &nbsp;&nbsp;&nbsp; (0.09)  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp; 1.47  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;1.38  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net realized gains | &nbsp;&nbsp;&nbsp; (0.18)  |
| Return of capital | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.24)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $51.14  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 2.75%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $5626  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 5.59%  |
| Ratio of dividends, interest and borrowing expense on securities sold short to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.61%  |
|  Ratio of operational expenses to average net assets excluding dividends, interest, and borrowing expense on securities sold short<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.98%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; (2.83)%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 19% |

---

<sup>(a)</sup> Inception date of the Fund was December 10, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind and short sale transactions.

The accompanying notes are an integral part of these financial statements.

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**NEOS MLP & ENERGY INFRASTRUCTURE HIGH INCOME ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; 0.46  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.64  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (0.15)  |
| Return of capital | &nbsp;&nbsp; (0.50)  |
| **Total distributions** | &nbsp;&nbsp; (0.65)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $49.99  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 1.28%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $33992  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 9.47%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 0%<sup>(g)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was December 18, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Amount represents less than 0.5%. 

The accompanying notes are an integral part of these financial statements.

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**NEOS MSCI EAFE High Income ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp; 1.70  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; 0.67  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;2.37  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (1.59)  |
| Net realized gains | &nbsp;&nbsp; (0.16)  |
| **Total distributions** | &nbsp;&nbsp; (1.75)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $50.62  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 4.84%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $45056  |
| Ratio of expenses to average net assets:<br>|  |
| &nbsp;&nbsp;&nbsp; Before expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.68%  |
| &nbsp;&nbsp;&nbsp; After expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.61%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 11.66%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0%<sup>(h)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was September 17, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> Amount represents less than 0.5%. 

The accompanying notes are an integral part of these financial statements.

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**NEOS NASDAQ-100<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **Period** <br>**September 1,** <br>**2024 to May 31,** <br>**2025<sup>(a)</sup>** | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **Period** <br>**September 1,** <br>**2024 to May 31,** <br>**2025<sup>(a)</sup>** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(b)</sup>**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp; $51.03 | &nbsp;&nbsp;&nbsp; $50.04 | $42.52 | $40.18 | $57.22 | $56.26  |
| **INVESTMENT OPERATIONS:** | **INVESTMENT OPERATIONS:** |  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.10 | 0.10 | 0.04 | 0.04  |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 6.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | 11.04 | 5.34 | (13.28) | 5.18  |
|  **Total from investment operations** | 6.04 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | 11.14 | 5.44 | (13.24) | 5.22  |
| **LESS DISTRIBUTIONS FROM:** | **LESS DISTRIBUTIONS FROM:** |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (0.01) | &nbsp;&nbsp;&nbsp; (0.06) | (0.12) | (0.10) | (0.04) | (0.04)  |
| Return of capital | &nbsp;&nbsp; (2.89) | &nbsp;&nbsp;&nbsp; (3.27) | (3.50) | (3.00) | (3.76) | (4.22)  |
| **Total distributions** | &nbsp;&nbsp; (2.90) | &nbsp;&nbsp;&nbsp; (3.33) | (3.62) | (3.10) | (3.80) | (4.26)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $54.17 | &nbsp;&nbsp;&nbsp; $51.03 | $50.04 | $42.52 | $40.18 | $57.22  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 12.03% | &nbsp;&nbsp;&nbsp; 8.84% | 27.26% | 14.42% | -24.09% | 9.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** | **SUPPLEMENTAL DATA AND RATIOS:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $351814 | &nbsp;&nbsp;&nbsp; $305930 | $333962 | $426227 | $581640 | $582300  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average <br>net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.68% | 0.68% | 0.68% | 0.68% | 0.68%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.05% | &nbsp;&nbsp;&nbsp; 0.16% | 0.23% | 0.24% | 0.10% | 0.07%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 6% | &nbsp;&nbsp;&nbsp; 18% | 8% | 34% | 24% | 10% |

---

<sup>(a)</sup> The Fund acquired all the assets and liabilities of the Nationwide Nasdaq-100<sup>®</sup> Risk-Managed Income ETF, a series of the ETF Series Solutions (the "Predecessor Fund") in a reorganization on November 11, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to November 11, 2024, reflects that of the Predecessor Fund. Prior to reorganization the Fund had an August 31 fiscal year end.

<sup>(b)</sup> Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective February 20, 2025.

<sup>(c)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

104<br>

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**NEOS NASDAQ-100<sup>®</sup> HIGH INCOME ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **Year Ended** <br>**May 31, 2025** | **Period Ended** <br>**May 31, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $50.32 | $50.42 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.02 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 7.95 | 7.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.77  |
| **Total from investment operations** | 7.97 | 7.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.82  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (0.02) | (0.16) | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains |  | (0.11) | &nbsp;&nbsp;&nbsp; (0.04)  |
| Return of capital | (4.43) | (7.05) | &nbsp;&nbsp;&nbsp; (2.36)  |
| **Total distributions** | (4.45) | (7.32) | &nbsp;&nbsp;&nbsp; (2.40)  |
| ETF transaction fees per share |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | $53.84 | $50.32 | &nbsp;&nbsp;&nbsp; $50.42  |
| Total return<sup>(e)</sup> | 16.27% | 15.18% | &nbsp;&nbsp;&nbsp; 5.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $7437736 | $1778335 | &nbsp;&nbsp;&nbsp; $215817  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.68% | 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.06% | 0.19% | &nbsp;&nbsp;&nbsp; 0.30%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 8% | 22% | &nbsp;&nbsp;&nbsp; 3% |

---

<sup>(a)</sup> Inception date of the Fund was January 30, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

105<br>

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**NEOS REAL ESTATE HIGH INCOME ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(g)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.81 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.92 | &nbsp;&nbsp;&nbsp;&nbsp;0.39  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.07 | &nbsp;&nbsp;&nbsp;&nbsp;1.91  |
| **Total from investment operations** | 1.99 | &nbsp;&nbsp;&nbsp;&nbsp;2.30  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.92) | &nbsp;&nbsp;&nbsp; (0.89)  |
| Net realized gains | &nbsp;&nbsp; (1.57) | &nbsp;&nbsp;&nbsp; (0.63)  |
| Return of capital | &nbsp;&nbsp; (0.72) | &nbsp;&nbsp;&nbsp; (0.97)  |
| **Total distributions** | &nbsp;&nbsp; (3.21) | &nbsp;&nbsp;&nbsp; (2.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $48.59 | &nbsp;&nbsp;&nbsp; $49.81  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 4.00% | &nbsp;&nbsp;&nbsp; 4.66%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $176862 | &nbsp;&nbsp;&nbsp; $48312  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 3.17% | &nbsp;&nbsp;&nbsp; 2.07%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was January 15, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS RUSSELL 2000<sup>®</sup> HIGH INCOME ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $44.08 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.40 | &nbsp;&nbsp;&nbsp;&nbsp;0.29  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 8.20 | &nbsp;&nbsp;&nbsp;&nbsp;0.90  |
| **Total from investment operations** | 8.60 | &nbsp;&nbsp;&nbsp;&nbsp;1.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.42) | &nbsp;&nbsp;&nbsp; (2.44)  |
| Net realized gains | &nbsp;&nbsp; (0.31) | &nbsp;&nbsp;&nbsp; (1.00)  |
| Return of capital | &nbsp;&nbsp; (3.30) | &nbsp;&nbsp;&nbsp; (3.67)  |
| **Total distributions** | &nbsp;&nbsp; (4.03) | &nbsp;&nbsp;&nbsp; (7.11)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $48.65 | &nbsp;&nbsp;&nbsp; $44.08  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 20.07% | &nbsp;&nbsp;&nbsp; 2.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $451010 | &nbsp;&nbsp;&nbsp; $177647  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense waiversr<sup>(f)</sup> | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
| &nbsp;&nbsp;&nbsp; After expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.60% | &nbsp;&nbsp;&nbsp; 0.58%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 1.43% | &nbsp;&nbsp;&nbsp; 0.65%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was June 25, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the declaration of dividends of the underlying exchange traded funds in which the Fund invests..

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(h)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS S&P 500<sup>®</sup> HEDGED EQUITY INCOME ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(h)</sup>** | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.96 | &nbsp;&nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.18 | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.39 | &nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.57 | &nbsp;&nbsp;&nbsp;&nbsp;1.55  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (0.16) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)  |
| Return of capital | &nbsp;&nbsp; (2.30) | &nbsp;&nbsp;&nbsp;&nbsp; (0.55)  |
| **Total distributions** | &nbsp;&nbsp; (2.46) | &nbsp;&nbsp;&nbsp;&nbsp; (0.59)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $55.07 | &nbsp;&nbsp;&nbsp;&nbsp; $50.96  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 13.10% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $18175 | &nbsp;&nbsp;&nbsp;&nbsp; $2039  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp;&nbsp; 0%<sup>(g)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was April 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Amount represents less than 0.5%. 

<sup>(h)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NEOS S&P 500<sup>®</sup> HIGH INCOME ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(g)</sup>** | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**December 31,** <br>**2025<sup>(g)</sup>** | **2025** | **2024**  | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $49.07 | $49.50 | $48.23 | &nbsp;&nbsp;&nbsp; $49.67  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.18 | 0.37 | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.49  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.88 | 5.35 | 6.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.34  |
| **Total from investment operations** | 7.06 | 5.72 | 7.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.83  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.17) | (0.36) | (0.79) | &nbsp;&nbsp;&nbsp; (0.44)  |
| Net realized gains |  |  | (0.32) | &nbsp;&nbsp;&nbsp; (1.40)  |
| Return of capital | (3.47) | (5.79) | (4.77) | &nbsp;&nbsp;&nbsp; (2.43)  |
| **Total distributions** | (3.64) | (6.15) | (5.88) | &nbsp;&nbsp;&nbsp; (4.27)  |
| **Net asset value, end of period** | $52.49 | $49.07 | $49.50 | &nbsp;&nbsp;&nbsp; $48.23  |
| Total return<sup>(d)</sup> | 14.75% | 12.01% | 15.79% | &nbsp;&nbsp;&nbsp; 6.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $6899340 | $3696859 | $1383898 | &nbsp;&nbsp;&nbsp; $25563  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.68% | 0.68% | 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.59% | 0.74% | 0.91% | &nbsp;&nbsp;&nbsp; 1.37%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 1% | 2% | 14% | &nbsp;&nbsp;&nbsp; 21% |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> As of December 1, 2025 the Fund changed its fiscal and tax reporting year end to December 31 from May 31. The current period represents activity from June 1, 2025 to December 31, 2025.

The accompanying notes are an integral part of these financial statements.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025** 

**NOTE 1 – ORGANIZATION** 

The NEOS ETF Trust (the "Trust") was organized as a Delaware statutory trust on February 1, 2021 and is authorized to issue multiple series or portfolios. The Trust is an open-end investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently consists of multiple operational exchange-traded funds ("ETFs"), sixteen of which are presented herein: NEOS Bitcoin High Income ETF, NEOS Enhanced Income 1-3 Year T-Bill ETF, NEOS Enhanced 20+ Year Treasury Bond ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS Ethereum High Income ETF, NEOS Gold High Income ETF, NEOS Long/Short Equity Income ETF, NEOS MLP & Energy Infrastructure High Income ETF, NEOS MSCI EAFE High Income ETF, NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF, NEOS Nasdaq-100<sup>®</sup> High Income ETF, NEOS Real Estate High Income ETF, NEOS Russell 2000<sup>®</sup> High Income ETF, NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF and NEOS S&P 500<sup>®</sup> High Income ETF, (collectively, the "Funds" or individually, a "Fund"). These financial statements relate only to the Funds.

The investment objective and classification of each Fund is:

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Objective** | **Classification**  |
| NEOS Bitcoin High Income ETF | Seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to Bitcoin. | Non-diversified  |
| &nbsp;&nbsp;&nbsp; NEOS Enhanced Income 1-3 Month <br>T-Bill ETF | Seeks to generate monthly income in a tax efficient manner. | Diversified  |
|  NEOS Enhanced Income 20+ Year Treasury Bond ETF | Seeks to generate monthly income in a tax efficient manner. | Diversified  |
|  NEOS Enhanced Income Aggregate Bond ETF | Seeks to generate monthly income in a tax efficient manner. | Diversified  |
|  NEOS Enhanced Income Credit Select ETF | Seeks total return from income and capital appreciation while providing a tax efficient monthly income. | Diversified  |
| NEOS Ethereum High Income ETF | Seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to Ether. | Non-diversified  |
| NEOS Gold High Income ETF | Seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to gold. | Non-diversified  |
| NEOS Long/Short Equity Income ETF | Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets. | Non-diversified  |
|  NEOS MLP & Energy Infrastructure High Income ETF | Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets. | Non-diversified  |
| NEOS MSCI EAFE High Income ETF | Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets. | Diversified  |
|  NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | Seeks to generate monthly income in a tax efficient manner. | Non-diversified  |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
| **Fund** | **Investment Objective** | **Classification**  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets. | Non-diversified  |
| NEOS Real Estate High Income ETF | Seeks to generate high monthly income with the potential for equity appreciation. | Non-diversified  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets. | Diversified  |
|  NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | Seeks high monthly income in a tax efficient manner with a measure of downside protection. | Diversified  |
| NEOS S&P 500<sup>®</sup> High Income ETF | Seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets. | Diversified |

---

NEOS Investment Management, LLC (the "Adviser") is the investment adviser to each Fund.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The Trust follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services — Investment Companies" including Accounting Standards Update 2013-08.

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Investment Valuation.* The net asset value ("NAV") of each Fund's shares is calculated each business day as of the close
 of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., EST. NAV per share is computed by dividing
 the net assets of each Fund by each Fund's number of shares outstanding.

When calculating the NAV of each Fund's shares, securities held by the Funds are valued at market quotations when reliable market quotations are readily available. Exchange traded securities and instruments (including equity securities, depositary receipts and ETFs) are generally valued at the last reported sale price on the principal exchange on which such securities are traded (at the NASDAQ Official Closing Price for NASDAQ listed securities), as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Over-the-counter securities and instruments not traded on an exchange are generally valued at the last traded price. Investments in open-end regulated investment companies are valued at NAV. In the absence of a recorded transaction sale price; or if the last sale price is unavailable, securities are valued at the mean between last bid and ask, as quoted. If an ask price is unavailable, the last bid price is used. Such valuations would typically be categorized as Level 1 or Level 2 in the fair value hierarchy described below.

Options traded on an exchange (other than Flexible Exchange ("FLEX") options) are generally valued at the 4:00 pm EST bid/ask mean price on the exchange or OTC market on which they principally trade. If the 4:00 pm bid/ask mean price is not available, then options shall be valued at the 4:15 p.m. EST bid/ask mean price. If neither bid/ask mean price is available, then options shall be valued at the last reported settlement price on the exchange or OTC market on which they principally trade.

FLEX Options are generally valued at the Delta-Adjusted at Close ("DAC") price, if available. If no DAC price is available, FLEX Options shall be valued at a Theoretical price provided by a Pricing Service. If there is no Theoretical price for the valuation day available, FLEX Options shall be valued at the last sale price on the exchange on which they principally trade. In the event no price can be obtained from a Pricing Service, no exchange pricing or no DAC pricing is available, the value shall be determined in accordance with the Fair Valuation Procedures.

111<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

When reliable market quotations are not readily available, securities are priced at their fair value as determined in good faith by the Adviser in accordance with the Trust's valuation guidelines. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. As of December 31, 2025, there were two securities within the NEOS S&P 500<sup>®</sup> High Income ETF and one within NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF that were internally fair valued and/or valued using a Level 3 valuation. Refer to below for further valuation disclosures.

Investments in open-end regulated investment companies (including money market funds) are valued at NAV. Such valuations would typically be categorized as Level 1 in the fair value hierarchy described below.

The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds' own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

Level 1 – Unjusted quoted prices in active markets for identical assets that the Funds have the ability to access.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates, prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value each Fund's investments as of December 31, 2025:

**NEOS Bitcoin High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $240491190 | $—  | $— | $240491190  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 76360500 |  | 76360500  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 21752190 |  |  | 21752190  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills. |  | 735010523 |  | 735010523  |
| **Total Investments** | $262243380 | $811371023 | $— | $1073614403  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(79826000) | $— | $(79826000)  |
| **Total Written Options** | $— | $(79826000) | $— | $(79826000) |

---

112<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**NEOS Enhanced Income 1-3 Month T-Bill ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $—  | $198507 | $—  | $198507  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 7662849 |  |  | 7662849  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 798451161 |  | 798451161  |
| **Total Investments** | $7662849 | $798649668 | $— | $806312517  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(393352) | $— | $(393352)  |
| **Total Written Options.** | $— | $(393352) | $— | $(393352) |

---

**NEOS Enhanced Income 20+ Year Treasury Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | $—  | $9462068 | $—  | $9462068  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 2590 |  | 2590  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 48613 |  |  | 48613  |
| **Total Investments** | $48613 | $9464658 | $— | $9513271  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6640) | $— | $(6640)  |
| **Total Written Options.** | $— | $(6640) | $— | $(6640) |

---

**NEOS Enhanced Income Aggregate Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $130696021 | $—  | $—  | $130696021  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 40793 |  | 40793  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 996329 |  |  | 996329  |
| **Total Investments** | $131692350 | $40793 | $— | $131733143  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(104580) | $— | $(104580)  |
| **Total Written Options** | $— | $(104580) | $— | $(104580) |

---

113<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**NEOS Enhanced Income Credit Select ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $185824830 | $—  | $—  | $185824830  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 61513 |  | 61513  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 10895860 |  |  | 10895860  |
| **Total Investments** | $196720690 | $61513 | $— | $196782203  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(157700) | $— | $(157700)  |
| **Total Written Options** | $— | $(157700) | $— | $(157700) |

---

**NEOS Ethereum High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $3103011 | $—  | $—  | $3103011  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 1277700 |  | 1277700  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 347692 |  |  | 347692  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 7636971 |  | 7636971  |
| **Total Investments** | $3450703 | $8914671 | $— | $12365374  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1660181) | $— | $(1660181)  |
| **Total Written Options** | $— | $(1660181) | $— | $(1660181) |

---

**NEOS Gold High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $66478418 | $—  | $—  | $66478418  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 11153457 |  | 11153457  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2237097 |  |  | 2237097  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 187597265 |  | 187597265  |
| **Total Investments** | $68715515 | $198750722 | $— | $267466237  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(11006937) | $— | $(11006937)  |
| **Total Written Options** | $— | $(11006937) | $— | $(11006937) |

---

114<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**NEOS Long/Short Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $5926037 | $—  | $—  | $5926037  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 657216 |  |  | 657216  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 1295 |  | 1295 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 61515 |  |  | 61515  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 922371 |  | 922371  |
| **Liabilities:** <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | (2589214) | —  | —  | (2589214)  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | (276189) |  |  | (276189)  |
| **Total Investments** | $3779365 | $923666 | $— | $4703031  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options |  | (3320) |  | (3320)  |
| **Total Written Options** | $— | $(3320) | $— | $(3320) |

---

**NEOS MLP & Energy Infrastructure High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stock | $33803355 | $—  | $—  | $33803355  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 141140 |  |  | 141140  |
| **Total Investments** | $33944495 | $— | $— | $33944495  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(94820) | $— | $(94820)  |
| **Total Written Options** | $— | $(94820) | $— | $(94820) |

---

**NEOS MSCI EAFE High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $45044900 | $—  | $—  | $45044900  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 426177 |  |  | 426177  |
| **Total Investments** | $45471077 | $— | $— | $45471077  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(270480) | $— | $(270480)  |
| **Total Written Options** | $— | $(270480) | $— | $(270480) |

---

115<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $348761177 | $—  | $—  | $348761177  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 3761335 |  | 3761335  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2827281 |  |  | 2827281  |
| **Total Investments** | $351588458 | $3761335 | $— | $355349793  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5545885) | $— | $(5545885)  |
| **Total Written Options** | $— | $(5545885) | $— | $(5545885) |

---

**NEOS Nasdaq-100<sup>®</sup> High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $7370066894 | $—  | $—  | $7370066894  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 74685245 |  |  | 74685245  |
| **Total Investments** | $7444752139 | $— | $— | $7444752139  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(63639940) | $— | $(63639940)  |
| **Total Written Options** | $— | $(63639940) | $— | $(63639940) |

---

**NEOS Real Estate High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment<br>Trusts | $160838188 | $—  | $—  | $160838188  |
| &nbsp;&nbsp;&nbsp; Common Stocks | 14613797 |  |  | 14613797  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 921568 |  |  | 921568  |
| **Total Investments** | $176373553 | $— | $— | $176373553  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1506290) | $— | $(1506290)  |
| **Total Written Options** | $— | $(1506290) | $— | $(1506290) |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**NEOS Russell 2000<sup>®</sup> High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $449407739 | $—  | $—  | $449407739  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 2656957 |  |  | 2656957  |
| **Total Investments** | $452064696 | $— | $— | $452064696  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(3980760) | $— | $(3980760)  |
| **Total Written Options** | $— | $(3980760) | $— | $(3980760) |

---

**NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $17783823 | $—  | $—  | $17783823  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 321399 |  |  | 321399  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 82680 |  | 82680  |
| &nbsp;&nbsp;&nbsp; Contingent Value Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 73957 |  |  | 73957  |
| **Total Investments** | $18179179 | $82680 | $0 | $18261859  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(139740) | $— | $(139740)  |
| **Total Written Options** | $— | $(139740) | $— | $(139740) |

---

**NEOS S&P 500<sup>®</sup> High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u> <br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6723411835 | $—  | $—  | $6723411835  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 114016195 |  |  | 114016195  |
| &nbsp;&nbsp;&nbsp; Contingent Value Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 66709798 |  |  | 66709798  |
| **Total Investments** | $6904137828 | $— | $0 | $6904137828  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(44284625) | $— | $(44284625)  |
| **Total Written Options** | $— | $(44284625) | $— | $(44284625) |

---

Refer to the Schedules of Investments for further disaggregation of investment categories.

Management has determined that the amount of Level 3 securities compared to total net assets is not material for the NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF and NEOS S&P 500<sup>®</sup> High Income ETF; therefore, the rollforward of Level 3 securities are not shown for the year ended December 31, 2025.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Significant unobservable valuation inputs monitored by the Adviser, the Valuation Designee pursuant to Rule 2a-5, under the oversight of the Board of Trustees for restricted securities or Level 3 investments as of December 31, 2025 for the NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF and NEOS S&P 500<sup>®</sup> High Income ETF are as follows:

**NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value as of** <br>**12/31/2025** | **Valuation** <br>**Technique** | **Unobservable Input** | **Input Values** <br>(Ranges)  |
| Sycamore Contingent Value Right<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | Projected Final <br>Distribution | Discount of Projected <br>Distribution | &nbsp;&nbsp;&nbsp; $3.00 |

---

\* This Level 3 security was received through a corporate action. The security is being kept open due to the potential of an additional distribution. Based on the evaluation of the likelihood of an additional distribution, the security is being priced at zero.

**NEOS S&P 500<sup>®</sup> High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value as of** <br>**12/31/2025** | **Valuation** <br>**Technique** | **Unobservable Input** | **Input Values** <br>(Ranges)  |
| Sycamore Contingent Value Right<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | Projected Final <br>Distribution | Discount of Projected <br>Distribution | &nbsp;&nbsp;&nbsp; $3.00  |
| Abiomed Contingent Value Right<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $0 | Projected Final <br>Distribution | Discount of Projected <br>Distribution | &nbsp;&nbsp;&nbsp; $35.00 |

---

\* These Level 3 securities were received through corporate actions. The securities are being kept open due to the potential of an additional distribution. Based on the evaluation of the likelihood of an additional distribution, these securities are being priced at zero. 

&nbsp;&nbsp;&nbsp;&nbsp;B. *Written Option Contracts*. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds write
 (sell) put or call options for hedging purposes, volatility management purposes, or otherwise to gain, or reduce, long or short exposure
 to one or more asset classes or issuers. When the Funds write (sell) an option, an amount equal to the premium received by the Fund is
 included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently
 priced daily to reflect the current value of the option written. Refer to Note 2 (A). for a pricing description. By writing an option,
 the Funds may become obligated during the term of the option to deliver or purchase the securities underlying the option at the exercise
 price if the option is exercised. These contracts may involve market risk in excess of the amounts receivable or payable reflected on
 the Statement of Assets and Liabilities. Refer to Note 2 (L). for further derivative disclosures and Note 2 (H). for further
 counterparty risk disclosure.

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

&nbsp;&nbsp;&nbsp;&nbsp;C. *Purchased Option Contracts*. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The
 Funds will purchase call or put options. When the Funds purchase an option contract, an amount equal to the premiums paid is included
 in the value of investments on the Statement of Assets and Liabilities and is subsequently priced daily to reflect the value of the purchased
 option contract. Refer to Note 2 (A). for a pricing description. Refer to Note 2 (L). for further derivative disclosures and
 Note 2 (H). for further counterparty risk disclosure. When option contracts expire or are closed, realized gains or losses are
 recognized without regard to any unrealized appreciation or depreciation on the underlying

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

securities that may be held by the Funds. If the Funds exercise a call option, the cost of the security acquired is increased by the premium paid for the call. If the Funds exercise a put option, the premium paid for the put option increases the cost of the underlying security and a gain or loss is realized from the sale of the underlying security.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Real Estate Investment Trusts ("REITs")*. Certain Funds may invest in REITs. REITs invest primarily in real property while mortgage
 REITs make construction, development and long term mortgage loans. Their value may be affected by changes in the value of the underlying
 property of the REIT, the creditworthiness of the issuer, property taxes, interest rates, and tax and regulatory requirements, such as
 those relating to the environment.

REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation and the possibility of failing to qualify for tax free income status under the Internal Revenue Code of 1986 and failing to be exempt from registration as a registered investment company under the 1940 Act.

Distributions from REIT investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REIT's fiscal year end. The Fund records the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods have concluded.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Master Limited Partnerships ("MLPs")*. Under normal circumstances, the NEOS MLP & Energy Infrastructure High Income ETF invests
 at least 80% of its net assets, plus borrowings for investment purposes, in securities of energy infrastructure MLPs and energy infrastructure
 companies. An MLP consists of a general partner and limited partners (or in the case of MLPs organized as limited liability companies,
 a managing member and members). The general partner or managing member typically controls the operations and management of the MLP and
 has an ownership stake in the MLP. The limited partners or members, through their ownership of limited partner or member interests, provide
 capital to the entity, are intended to have no role in the operation and management of the entity, and receive cash distributions. The
 Fund will be a limited partner (or a member) in the MLPs in which it invests. MLPs are generally treated as partnerships for U.S. federal
 income tax purposes. Thus, the MLPs themselves generally do not pay U.S. federal income taxes, but investors (like the Fund) that hold
 interests in MLPs are generally subject to tax on their allocable shares of the MLPs' income and gains. Currently, most MLPs operate
 in the energy and/or natural resources sectors.

To qualify as a MLP and not to be taxed as a corporation, a partnership must receive at least 90% of its income from qualifying sources as set forth in Section 7704(d) of the Internal Revenue Code of 1986, as amended (the "Code"). These qualifying sources include natural resource-based activities such as the processing, transportation and storage of minerals or other natural resources. The general partner of an MLP is typically owned by a major energy company, an investment fund, the direct management of the MLP, or is an entity owned by one or more of such parties. The general partner may be structured as a private or publicly traded corporation or other entity. The general partner typically controls the operations and management of the MLP through an up to 2% equity interest in the MLP plus, in many cases, ownership of common units and subordinated units. Limited partners typically own the remainder of the partnership, through ownership of common units, and have a limited role in the partnership's operations and management.

MLPs are typically structured such that common units and general partner interests have first priority to receive quarterly cash distributions up to an established minimum amount ("minimum quarterly distributions" or "MQD"). Common and general partner interests also accrue arrearages in distributions to the extent the MQD is not paid. Once common and general partner interests have been paid, subordinated units receive distributions of up to the MQD; however, subordinated units do not accrue arrearages. Cash that is distributed in excess of the MQD is paid to both common and subordinated units and is distributed to both common and subordinated units generally on a pro rata basis.

Unlike direct investments in MLPs, income and losses from the Fund's investments in MLPs will not directly flow through to the personal tax returns of shareholders. The Fund will report distributions from its

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**December 31, 2025(Continued)** 

investments, including MLPs, made to shareholders annually on Form 1099. Shareholders will not, solely by virtue of their status as Fund shareholders, be treated as engaged in the business conducted by the underlying MLPs for federal or state income tax purposes or for purposes of the tax on unrelated business income of tax-exempt organizations. Individuals and certain other non-corporate investors will be entitled to a 20% deduction against taxable income allocated from direct investments in MLPs. Neither the Fund directly nor the Fund's shareholders indirectly will be entitled to this deduction with respect to the Fund's MLP investments.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Short Sales.* The NEOS Long/Short Equity Income ETF enters into short sales. A short sale is a transaction in which the Fund sells a security
 it does not own. To complete such a transaction, the Fund must borrow the security to make delivery to the buyer. The Fund is then obligated
 to replace the security borrowed by borrowing the same security from another lender, purchasing it at the market price at the time of
 replacement or paying the lender an amount equal to the cost of purchasing the security. The price at such time may be more or less than
 the price at which the security was sold by the Fund. Until the security is replaced, the Fund is required to repay the lender any dividends
 it receives, or interest which accrues, during the period of the loan. To borrow the security, the Fund also may be required to pay a
 premium, which would increase the cost of the security sold. The net proceeds of the short sale will be retained by the broker, to the
 extent necessary to meet margin requirements, until the short position is closed out. The Fund also will incur transaction costs in effecting
 short sales.

The Fund will incur a loss as a result of a short sale if the price of the security increases between the date of the short sale and the date on which the Fund closes out the short sale. The Fund will realize a gain if the price of the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of the premium, dividends or interest the Fund may be required to pay, if any, in connection with a short sale. Short sales may be subject to unlimited losses as the price of a security can rise infinitely.

The expenses of the Fund, include Dividend, Interest and Brokerage Expenses for Short Positions because the Fund engages in short sales as a primary investment strategy and the Fund incurs such an expense when it sells securities short. When the Fund engages in short sales, it will normally incur two types of expenses, each of which increase the Fund's expense ratio: borrowing expenses and dividend expenses.

In connection with a short sale, the Fund may receive interest income from the investment of cash collateral received in connection with a short sale or be charged a fee on borrowed stock. These income and fee amounts are calculated on a daily basis, based upon the market value of the borrowed stock and a variable rate that is dependent upon the availability of the stock. The amounts of such income or fees are recorded as "Interest income on securities sold short" (for income received) and "Borrowing expense on securities sold short" (for fees charged) on the Fund's Statement of Operations.

The Fund incurs dividend expenses until the borrowed stock is returned to the lender. These expenses are paid to the lender of the stock and are based upon the amount of any dividends declared on the stock during the time the securities are on loan to the Fund. Having sold the borrowed stock, the Fund does not itself collect the dividends, and thus has a net expense payable to the lender. This payment is recorded as "Dividend expense on securities sold short" on the Fund's financial statements. Short sale dividend expenses generally reduce the market value of the stock by the amount of the dividend declared, thus increasing the Fund's unrealized gain or reducing the Fund's unrealized loss on the stock sold short.

The Fund is required to comply with the derivatives rule when it engages in short sales.

&nbsp;&nbsp;&nbsp;&nbsp;G. *Basis for Consolidation*. The NEOS Bitcoin High Income ETF, NEOS Ethereum High Income ETF, and NEOS Gold High Income ETF each may invest up
 to 25% of its respective total assets in the NEOS Bitcoin High Income Portfolio CFC, NEOS Ethereum High Income Portfolio CFC, and NEOS
 Gold High Income Portfolio CFC, respectively each, a subsidiary that is wholly-owned by its respective Fund and organized under the laws
 of the Cayman Islands (a "Subsidiary"). Each Subsidiary may directly invest without limitation in Spot Bitcoin ETPs for the
 NEOS Bitcoin High Income Portfolio CFC, in Spot Ether ETPs for the NEOS Ethereum High Income ETF, and in Gold ETPs for the NEOS Gold High
 Income Portfolio CFC; however, each Subsidiary will comply with the same derivatives rule requirements under the 1940 Act when

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**December 31, 2025(Continued)** 

viewed on a consolidated basis with its respective Fund, with respect to its investments in derivatives and leverage; and also complies with the provisions of Section 15 of the 1940 Act (regarding investment advisory contract approvals). Each Fund's investment in the Subsidiary will not exceed 25% of the value of the Fund's total assets. Asset limitations are imposed by Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and are measured at each taxable year and quarter end. The Adviser also serves as the investment adviser to each Subsidiary, but does not receive separate compensation.

Each Subsidiary is not registered under the 1940 Act but is subject to certain protections of the 1940 Act with respect to the Funds, as described in each Fund's Prospectus and Statement of Additional Information. Each Fund's investments in a Subsidiary are subject to the investment policies and restrictions of the respective Fund, including those related to leverage, collateral and liquidity. In addition, the valuation and brokerage policies of the Funds are applied to the Subsidiary. Each Fund's investments in a Subsidiary are not subject to all investor protection provisions of the 1940 Act. However, because each Fund is the sole investor in each respective Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of its respective Fund and its shareholders. The financial information of each Subsidiary has been consolidated into its respective Fund's consolidated financial statements. The NEOS Bitcoin High Income ETF, NEOS Ethereum High Income ETF, and NEOS Gold High Income ETF had 17.7%, 14.0% and 22.0%, respectively, of its respective total assets invested in each respective Subsidiary as of December 31, 2025.

Each Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, each Subsidiary is a Controlled Foreign Corporation ("CFC") not subject to U.S. income taxes. As a wholly-owned CFC, however, each Subsidiary's net income and capital gains, if any, will be included each year in each Fund's investment company taxable income.

&nbsp;&nbsp;&nbsp;&nbsp;H. *Counterparty Risk.* The Funds help manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes
 have the financial resources to honor their obligations. The Adviser considers the credit worthiness of each counterparty to a contract
 in evaluating potential credit risk. Written options contracts sold on an exchange do not expose the Funds to counterparty risk; the exchange's
 clearinghouse guarantees the options against counterparty non-performance. Over-the-counter options counterparty risk includes the risk
 of loss of the full amount of any net unrealized appreciation.

&nbsp;&nbsp;&nbsp;&nbsp;I. *Use of Estimates*.
 The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect
 the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statement.
 Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Federal Income Taxes*. Each Fund qualifies or intends to qualify as a regulated investment company ("RIC") under Subchapter M of the
 Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent each Fund
 distributes substantially all its taxable net investment income and net capital gains to its shareholders. Therefore, no provision for
 federal income tax should be required. However; the previous three year's tax returns remain open for examination. Management of
 the Funds is required to determine whether a tax position taken by the Funds is more likely than not to be sustained upon examination
 by the applicable taxing authority. Based on its analysis, Management has concluded that there are no significant uncertain tax positions
 that would require recognition in the financial statements as of December 31, 2025. The Funds recognize interest and penalties, if
 any, related to unrecognized tax benefits as income tax expense on the Statements of Operations.

&nbsp;&nbsp;&nbsp;&nbsp;K. *Distributions to Shareholders*. Each Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends
 monthly. The Funds will distribute net realized capital gains, if any, at least annually. The Funds may distribute such income dividends
 and capital gains more frequently, if necessary, to reduce or eliminate federal excise or income taxes on the Funds. Distributions are
 recorded on ex-date.

The amount of any distribution will vary, and there is no guarantee the Funds will pay either an income dividend or a capital gains distribution.

&nbsp;&nbsp;&nbsp;&nbsp;L. *Derivatives*.
 The Funds may utilize derivative instruments such as options and other instruments with similar characteristics to the extent that they
 are consistent with the Funds' respective investment objectives and

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**December 31, 2025(Continued)** 

limitations. The use of these instruments may involve additional investment risks, including the possibility of illiquid markets or imperfect correlation between the value of the instruments and the underlying securities. Derivatives also may create leverage which will amplify the effect of their performance on the Funds and may produce significant losses.

For the year or period ended December 31, 2025, the Funds' average derivative volume is described below:

---

| | | |
|:---|:---|:---|
|  | **Average** <br>**Quantity** | **Average** <br>**Notional Value**  |
| **NEOS Bitcoin High Income ETF**<br>|  |  |
| Purchased Option Contracts | 3608 | $541564439  |
| Written Option Contracts | 5946 | $887629111  |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF**<br>|  |  |
| Purchased Option Contracts | 993 | $657974360  |
| Written Option Contracts | 993 | $657974360  |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF**<br>|  |  |
| Purchased Option Contracts | 8 | $5338798  |
| Written Option Contracts | 8 | $5338798  |
| **NEOS Enhanced Income Aggregate Bond ETF**<br>|  |  |
| Purchased Option Contracts | 164 | $108671699  |
| Written Option Contracts | 164 | $108671699  |
| **NEOS Enhanced Income Credit Select ETF**<br>|  |  |
| Purchased Option Contracts | 240 | $158917307  |
| Written Option Contracts | 240 | $158917307  |
| **NEOS Ethereum High Income ETF**<br>|  |  |
| Purchased Option Contracts | 3439 | $7713677  |
| Written Option Contracts | 5447 | $12217621  |
| **NEOS Gold High Income ETF**<br>|  |  |
| Purchased Option Contracts | 2561 | $95010315  |
| Written Option Contracts | 4731 | $175054366  |
| **NEOS Long/Short Equity Income ETF**<br>|  |  |
| Purchased Option Contracts | 6 | $4107300  |
| Written Option Contracts | 6 | $4107300  |
| **NEOS MLP & Energy Infrastructure High Income ETF**<br>|  |  |
| Written Option Contracts | 3432 | $16137264  |
| **NEOS MSCI EAFE High Income ETF**<br>|  |  |
| Written Option Contracts | 53 | $15051519  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF**<br>|  |  |
| Purchased Option Contracts | 141 | $343278313  |
| Written Option Contracts | 247 | $600632259  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF**<br>|  |  |
| Written Option Contracts | 1296 | $3192235178  |

---

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**December 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Average** <br>**Quantity** | **Average** <br>**Notional Value**  |
| **NEOS Real Estate High Income ETF**<br>|  |  |
| Written Option Contracts | 9168 | $87687351  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF**<br>|  |  |
| Written Option Contracts | 912 | $219110692  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF**<br>|  |  |
| Purchased Option Contracts .. | 16 | $10666365  |
| Written Option Contracts | 27 | $18351515  |
| **NEOS S&P 500<sup>®</sup> High Income ETF**<br>|  |  |
| Written Option Contracts | 5901 | $3913804991 |

---

The Funds have adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect the Funds' Statement of Assets and Liabilities and Statement of Operations.

**Statements of Assets and Liabilities**

Fair values of derivative instruments as of December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value**  | **Fair Value**  |
|  | **Statements of Assets and** <br>**Liabilities Location** | **Assets** | **Liabilities**  |
| **NEOS Bitcoin High Income ETF**<br>|  |  |  |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $76360500 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 79826000  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $76360500 | $79826000  |
| **NEOS Enhanced 1-3 Month T-Bill ETF** | **NEOS Enhanced 1-3 Month T-Bill ETF** | **NEOS Enhanced 1-3 Month T-Bill ETF** | **NEOS Enhanced 1-3 Month T-Bill ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $198507 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 393352  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $198507 | $393352  |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $2590 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $6640  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $2590 | $6640  |

---

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**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value**  | **Fair Value**  |
|  | **Statements of Assets and** <br>**Liabilities Location** | **Assets** | **Liabilities**  |
| **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $40793 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 104580  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $40793 | $104580  |
| **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $61513 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 157700  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $61513 | $157700  |
| **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $1277700 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 1660181  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $1277700 | $1660181  |
| **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $11153457 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $11006937  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $11153457 | $11006937  |
| **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $1295 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $3320  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $1295 | $3320  |
| **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity | Written option contracts, at value | $— | $94820  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $— | $94820  |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value**  | **Fair Value**  |
|  | **Statements of Assets and** <br>**Liabilities Location** | **Assets** | **Liabilities**  |
| **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $270480  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $— | $270480  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $3761335 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $5545885  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $3761335 | $5545885  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $63639940  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $— | $63639940  |
| **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $1506290  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $— | $1506290  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF**  | **NEOS Russell 2000<sup>®</sup> High Income ETF**  | **NEOS Russell 2000<sup>®</sup> High Income ETF**  | **NEOS Russell 2000<sup>®</sup> High Income ETF**  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $3980760  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $— | $3980760  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $82680 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $139740  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $82680 | $139740  |
| **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $44284625  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $— | $44284625 |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

**Statements of Operations** 

The effect of derivative instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  |
|  | **Purchased Options\*** | **Written Options** | **Total**  |
| **NEOS Bitcoin High Income ETF** | **NEOS Bitcoin High Income ETF** | **NEOS Bitcoin High Income ETF** |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $(87108609) | $(20745912) | $(107854521)  |
| Total | &nbsp;&nbsp;&nbsp; $(87108609) | $(20745912) | $(107854521)  |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF** | **NEOS Enhanced Income 1-3 Month T-Bill ETF** | **NEOS Enhanced Income 1-3 Month T-Bill ETF** | **NEOS Enhanced Income 1-3 Month T-Bill ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(6738332) | $11349904 | $4611572  |
| Total  | &nbsp;&nbsp;&nbsp; $(6738332) | $11349904 | $4611572  |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(62876) | $119156 | $56280  |
| Total  | &nbsp;&nbsp;&nbsp; $(62876) | $119156 | $56280  |
| **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(1380259) | $2644844 | $1264585  |
| Total  | &nbsp;&nbsp;&nbsp; $(1380259) | $2644844 | $1264585  |
| **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(2035663) | $3912394 | $1876731  |
| Total  | &nbsp;&nbsp;&nbsp; $(2035663) | $3912394 | $1876731  |
| **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $(279884) | $352186 | $72302  |
| Total  | &nbsp;&nbsp;&nbsp; $(279884) | $352186 | $72302  |
| **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $16929930 | $(2165651) | $14764279  |
| Total  | &nbsp;&nbsp;&nbsp; $16929930 | $(2165651) | $14764279  |
| **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(2085) | $3998 | $1913  |
| Total  | &nbsp;&nbsp;&nbsp; $(2085) | $3998 | $1913  |

---

126<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  |
|  | **Purchased Options\*** | **Written Options** | **Total**  |
| **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $— | $(6605) | $(6605)  |
| Total  | &nbsp;&nbsp;&nbsp; $— | $(6605) | $(6605) |
| **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $— | $83121 | $83121  |
| Total  | &nbsp;&nbsp;&nbsp; $— | $83121 | $83121  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(19675475) | $735111 | $(18940364)  |
| Total  | &nbsp;&nbsp;&nbsp; $(19675475) | $735111 | $(18940364)  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $— | $(45186839) | $(45186839)  |
| Total  | &nbsp;&nbsp;&nbsp; $— | $(45186839) | $(45186839)  |
| **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $— | $3452913 | $3452913  |
| Total  | &nbsp;&nbsp;&nbsp; $— | $3452913 | $3452913  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $— | $2585992 | $2585992  |
| Total  | &nbsp;&nbsp;&nbsp; $— | $2585992 | $2585992  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(307670) | $171769 | $(135901)  |
| Total  | &nbsp;&nbsp;&nbsp; $(307670) | $171769 | $(135901)  |
| **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $— | $(51353247) | $(51353247)  |
| Total  | &nbsp;&nbsp;&nbsp; $— | $(51353247) | $(51353247) |

---

127<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The effect of derivative instruments on the Statements of Operations for the year or periods ended May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  |
|  | **Purchased Options\***  | **Written Options**  | **Total**  |
| **NEOS Bitcoin High Income ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $(1490080)  | $2792097  | $1302017  |
| Total  | &nbsp;&nbsp;&nbsp; $(1490080)  | $2792097  | $1302017  |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $(9862578)  | $14058761  | $4196183  |
| Total  | &nbsp;&nbsp;&nbsp; $(9862578)  | $14058761  | $4196183  |
|  **NEOS Enhanced Income 20+ Year Treasury Bond ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $(22706)  | $23600  | $894  |
| Total  | &nbsp;&nbsp;&nbsp; $(22706)  | $23600  | $894  |
| **NEOS Enhanced Income Aggregate Bond ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $(1454578)  | $1800018  | $345440  |
| Total  | &nbsp;&nbsp;&nbsp; $(1454578)  | $1800018  | $345440  |
| **NEOS Enhanced Income Credit Select ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments\*\*\*\*** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $(2608631)  | $3189903  | $581272  |
| Total  | &nbsp;&nbsp;&nbsp; $(2608631)  | $3189903  | $581272  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments\*\*\*** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $(13053185)  | $11043165  | $(2010020)  |
| Total  | &nbsp;&nbsp;&nbsp; $(13053185)  | $11043165  | $(2010020)  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $—  | $(3616721)  | $(3616721)  |
| Total  | &nbsp;&nbsp;&nbsp; $—  | $(3616721) | $(3616721) |
| **NEOS Real Estate High Income ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $—  | $533404  | $533404  |
| Total  | &nbsp;&nbsp;&nbsp; $—  | $533404  | $533404  |

---

128<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  |
|  | **Purchased Options\***  | **Written Options**  | **Total**  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $—  | $3588159  | $3588159  |
| Total  | &nbsp;&nbsp;&nbsp; $—  | $3588159  | $3588159  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $(7072)  | $(1635)  | $(8707)  |
| Total  | &nbsp;&nbsp;&nbsp; $(7072)  | $(1635)  | $(8707)  |
| **NEOS S&P 500<sup>®</sup> High Income ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $—  | $(10875989)  | $(10875989)  |
| Total  | &nbsp;&nbsp;&nbsp; $—  | $(10875989)  | $(10875989) |

---

The effect of derivative instruments on the Statements of Operations for the period ended December 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
|  | **Purchased Options\*\*** | **Written Options** | **Total**  |
| **NEOS Bitcoin High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $(4815215) | $(9316586) | $(14131801)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $(4815215) | $(9316586) | $(14131801)  |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF** | **NEOS Enhanced Income 1-3 Month T-Bill ETF** | **NEOS Enhanced Income 1-3 Month T-Bill ETF** | **NEOS Enhanced Income 1-3 Month T-Bill ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $55133 | $(138720) | $(83587)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $55133 | $(138720) | $(83587)  |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $378 | $(1253) | $(875)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $378 | $(1253) | $(875)  |
| **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $14987 | $(41744) | $(26757)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $14987 | $(41744) | $(26757)  |

---

129<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
|  | **Purchased Options\*\*** | **Written Options** | **Total**  |
| **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $24173 | $(66781) | $(42608)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $24173 | $(66781) | $(42608)  |
| **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** | **NEOS Ethereum High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $(21355) | $609 | $(20746)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $(21355) | $609 | $(20746)  |
| **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $(5303) | $(9191) | $(14494)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $(5303) | $(9191) | $(14494)  |
| **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** | **NEOS Long/Short Equity Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $49 | $(285) | $(236)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $49 | $(285) | $(236)  |
| **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** | **NEOS MLP & Energy Infrastructure High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(4371) | $(4371)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(4371) | $(4371)  |
| **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** | **NEOS MSCI EAFE High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $8691 | $8691  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $8691 | $8691  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $96931 | $(33666) | $63265  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $96931 | $(33666) | $63265  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $642381 | $642381  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $642381 | $642381  |

---

130<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
|  | **Purchased Options\*\*** | **Written Options** | **Total**  |
| **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(10558) | $(10558)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(10558) | $(10558)  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(343001) | $(343001)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(343001) | $(343001)  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $1215 | $5068 | $6283  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $1215 | $5068 | $6283  |
| **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(1073354) | $(1073354)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(1073354) | $(1073354) |

---

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

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

The effect of derivative instruments on the Statements of Operations for the year or periods ended May 31, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
|  | **Purchased Options\*\***  | **Written Options**  | **Total**  |
| **NEOS Bitcoin High Income ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $5435369  | $8622207  | $14057576  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $5435369  | $8622207  | $14057576  |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $14464  | $(30022)  | $(15558)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $14464  | $(30022)  | $(15558)  |
|  **NEOS Enhanced Income 20+ Year Treasury Bond ETF** <br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments** <br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp;&nbsp; $(280)  | $682  | $402  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $(280)  | $682  | $402  |

---

131<br>

------

**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
|  | **Purchased Options\*\***  | **Written Options**  | **Total**  |
| **NEOS Enhanced Income Aggregate Bond ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(11741) | $27737  | $15996  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $(11741) | $27737  | $15996  |
| **NEOS Enhanced Income Credit Select ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments\*\*\*\***<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $(21839) | $53222  | $31383  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $(21839) | $53222  | $31383  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments\*\*\***<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $1376631  | $(1540969) | $(164338)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $1376631  | $(1540969) | $(164338)  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | $1107238  | $1107238  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $1107238  | $1107238  |
| **NEOS Real Estate High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(3652) | $(3652)  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $(3652) | $(3652)  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | $148545  | $148545  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $148545  | $148545  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $345 | $1285  | $1630  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $345 | $1285  | $1630  |
| **NEOS S&P 500<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp;&nbsp; $— | $4233951  | $4233951  |
| Total  | &nbsp;&nbsp;&nbsp;&nbsp; $— | $4233951  | $4233951 |

---

\* 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. 

132<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;M. *Reclassification of Capital Accounts*. GAAP requires that certain components of net assets relating to permanent differences be reclassified between
 financial and tax reporting. These reclassifications have no effect on NAV per share and are primarily due to differing book and tax treatments
 for in-kind redemptions, and the treatment of earnings from the subsidiary. For the year ended December 31, 2025, the following adjustments
 were made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated Loss)** | **Paid-in** <br>**Capital**  |
| NEOS Bitcoin High Income ETF | &nbsp;&nbsp;&nbsp; $5534923 | $(5534923)  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | &nbsp;&nbsp;&nbsp; — | —  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | &nbsp;&nbsp;&nbsp; — | —  |
| NEOS Enhanced Income Aggregate Bond ETF | &nbsp;&nbsp;&nbsp; — | —  |
| NEOS Enhanced Income Credit Select ETF | &nbsp;&nbsp;&nbsp; 67188 | (67188)  |
| NEOS Ethereum High Income ETF | &nbsp;&nbsp;&nbsp; — | —  |
| NEOS Gold High Income ETF | &nbsp;&nbsp;&nbsp; — | —  |
| NEOS Long/Short High Income ETF | &nbsp;&nbsp;&nbsp; — | —  |
| NEOS MLP & Energy Infrastructure High Income ETF | &nbsp;&nbsp;&nbsp; — | —  |
| NEOS MSCI EAFE High Income ETF | &nbsp;&nbsp;&nbsp; (42954) | 42954  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | &nbsp;&nbsp;&nbsp; (217806)  | 217806  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | &nbsp;&nbsp;&nbsp; (160525389)  | 160525389  |
| NEOS Real Estate High Income ETF | &nbsp;&nbsp;&nbsp; (71956) | 71956  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | &nbsp;&nbsp;&nbsp; (3821750)  | 3821750  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | &nbsp;&nbsp;&nbsp; (222727)  | 222727  |
| NEOS S&P 500<sup>®</sup> High Income ETF | &nbsp;&nbsp;&nbsp; (89521958)  | 89521958 |

---

&nbsp;&nbsp;&nbsp;&nbsp;N. *Fund of Funds Structure.* The NEOS Enhanced Income Aggregate Bond ETF (BNDI), NEOS Enhanced Income Credit Select ETF (HYBI), NEOS MSCI EAFE High
 Income ETF (NIHI) and NEOS Russell 2000<sup>®</sup> High Income ETF (IWMI) are considered a fund of funds. Investments in ETFs subject
 the funds to paying its proportionate share of fees and expenses from those investments. In addition, under the 1940 Act, the funds are
 subject to restrictions that may limit the amount of any particular ETF that each Fund may own. Since each Fund is a "fund of funds,"
 the cost of investing in each fund will generally be higher than the cost of investing directly in ETFs. By investing in each fund, you
 will indirectly bear fees and expenses charged by the underlying ETFs in which each fund invests in addition to the Fund's direct
 fees and expenses. Furthermore, the use of a fund of funds structure could affect the timing, amount, and character of the Fund's
 distributions and therefore may increase the amount of your tax liability.

&nbsp;&nbsp;&nbsp;&nbsp;O. *Dividend Recognition*.
 Each Fund records the dividends it receives from underlying investments as dividends receivable (asset) and dividend income (income) on
 ex-dividend date. On pay-date, cash is received from the dividend payment and the dividends receivable account is relieved.

**NOTE 3 – INVESTMENT ADVISORY AND OTHER AGREEMENTS**

**Management** 

The Adviser acts as each Fund's investment adviser pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement").

Under the terms of the Investment Advisory Agreement between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment management services to the Funds and oversees the day-to-day operations of the Funds, subject to the oversight of the Board of Trustees (the "Board") and the officers of the Trust. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Pursuant to the Investment Advisory Agreement, each of Fund pays the Advisor a monthly unitary management fee at an annual rate of:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | 0.98%  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | 0.38%  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | 0.58%  |
| NEOS Enhanced Income Aggregate Bond ETF | 0.58%  |
| NEOS Enhanced Income Credit Select ETF | 0.65%  |
| NEOS Ethereum High Income ETF | 0.98%  |
| NEOS Gold High Income ETF | 0.78%  |
| NEOS Long/Short Equity Income ETF | 0.98%  |
| NEOS MLP & Energy Infrastructure High Income ETF | 0.68%  |
| NEOS MSCI EAFE High Income ETF | 0.68%  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | 0.68%  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 0.68%  |
| NEOS Real Estate High Income ETF | 0.68%  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | 0.68%  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 0.68%  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 0.68% |

---

For the period ended December 31, 2025, each Fund incurred management fees of:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | $3770737  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | $1416744  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | $18177  |
| NEOS Enhanced Income Aggregate Bond ETF | $360573  |
| NEOS Enhanced Income Credit Select ETF | $590648  |
| NEOS Ethereum High Income ETF | $4363  |
| NEOS Gold High Income ETF | $485874  |
| NEOS Long/Short Equity Income ETF | $1708  |
| NEOS MLP & Energy Infrastructure High Income ETF | $1297  |
| NEOS MSCI EAFE High Income ETF | $36790  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | $1345146  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | $18477748  |
| NEOS Real Estate High Income ETF | $438133  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | $1180614  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | $38617  |
| NEOS S&P 500<sup>®</sup> High Income ETF | $20775981 |

---

Additionally, for the period ended December 31, 2025, the Adviser waived $19,903, $32,680, $3,856, and $142,809 of management fees with respect to the NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS MSCI EAFE High Income ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF.

134<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

For the period ended May 31, 2025, each Fund incurred management fees of:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF  | $530609  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  | $1890743  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF  | $4839  |
| NEOS Enhanced Income Aggregate Bond ETF  | $293158  |
| NEOS Enhanced Income Credit Select ETF\*  | $662877  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF\*  | $1621505  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | $4980272  |
| NEOS Real Estate High Income ETF  | $63298  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | $670959  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF  | $1250  |
| NEOS S&P 500<sup>®</sup> High Income ETF  | $16361817 |

---

\* Prior to the reorganization with the fiscal year end of August 31, 2024, the Enhanced Income Credit Select ETF and Nasdaq-100 Hedged Equity Income ETF had incurred management fees of $850,347 and $2,663,018 respectively and waived fees of $25,362 and $0, respectively. 

Additionally, for the year or period ended May 31, 2025, the Adviser waived $15,091, $22,891, and $98,675 of management fees with respect to the NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF. Additionally, the previous adviser has waived $37,100 of fees.

Under the unitary fee arrangement set forth in the Investment Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for the management fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses ("AFFE"), extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

For the NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS MSCI EAFE High Income ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF, the Adviser contractually has agreed to waive its management fee and/or reimburse expenses so that total annual Fund operating expenses, excluding portfolio transaction and other investment- related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business, do not exceed 0.58%, 0.68%, 0.68%, and 0.68%, respectively. This contractual agreement is in place through September 30, 2026 for each Fund except MSCI EAFE High Income ETF, which is through September 10, 2026. Contractual agreements may not be terminated prior to these dates except by the Board.

The NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS MSCI EAFE High Income ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF has agreed that it will repay the Adviser for fees and expenses waived or reimbursed for the Fund pursuant to the contractual expense limitation described above. Such repayment would increase the Fund's expenses and would appear on the Statements of Operations as "Repayment of prior expenses waived and/or reimbursed by the Adviser." However, repayment would only occur up to the point of each Fund's expense cap.

Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of recoupment. For the year or period ended December 31, 2025 NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS MSCI EAFE High Income ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF did not reimburse expenses to the Adviser.

135<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

As of December 31, 2025, the amounts eligible for repayment and the associated periods of expiration are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Expires** <br>**December 31, 2026** | **Expires** <br>**December 31, 2027** | **Expires** <br>**December 31, 2028** | **Total** <br>**Eligible for** <br>**Recoupment**  |
| NEOS Enhanced Income Aggregate Bond ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; $812 | &nbsp;&nbsp;&nbsp;&nbsp; $6555 | &nbsp;&nbsp;&nbsp;&nbsp; $29486 | $36853  |
| NEOS Enhanced Income Credit Select ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; $12855 | &nbsp;&nbsp;&nbsp;&nbsp; $47684 | $60539  |
| NEOS MSCI EAFE High Income ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; $3856 | $3856  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp;&nbsp; $32878 | &nbsp;&nbsp;&nbsp;&nbsp; $208607 | $241485 |

---

**Distributor and Fund Officers** 

Foreside Fund Services, LLC (the "Distributor") serves as the principal underwriter for shares of the Funds and acts as each Fund's distributor in a continuous public offering of the Funds' shares and serves as the distributor of Creation Units for the Funds. Shares are continuously offered for sale by the Trust through the Distributor only in Creation Units, as described further in Note 7. Shares in less than Creation Units are not distributed by the Distributor. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

As of December 31, 2025, Foreside Fund Officer Services, LLC, an affiliate of the Distributor, provided the Trust with a Chief Compliance Officer and Principal Financial Officer.

As of December 31, 2025, certain officers and Trustees of the Trust were also officers or employees of the Adviser or affiliated with the Distributor and received no fees from the Trust for serving as officers.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

The costs of purchases and sales of securities, excluding short-term investments, securities sold short, U.S. government securities, and in-kind transactions, during the period ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| NEOS Bitcoin High Income ETF  | $245887195 | $16491255  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  |  | —  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF  |  | 17428  |
| NEOS Enhanced Income Aggregate Bond ETF  | 913425 | —  |
| NEOS Enhanced Income Credit Select ETF  | 127332895 | 122935015  |
| NEOS Ethereum High Income ETF | 3101677 | —  |
| NEOS Gold High Income ETF | 59072454 | —  |
| NEOS Long/Short Equity Income ETF | 6032178 | 687883  |
| NEOS MLP & Energy Infrastructure High Income ETF | 52987 | 53944  |
| NEOS MSCI EAFE High Income ETF | 1790126 | 107650  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | 19593601 | 58994898  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | 359730687 | 676584381  |
| NEOS Real Estate High Income ETF . | 1622995 | 1963565  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  |  | 23839139  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF  | 119666 | 510916  |
| NEOS S&P 500<sup>®</sup> High Income ETF  | 64492756 | 381366789 |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

The costs of purchases and sales of in-kind transactions, during the period ended December 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**In-Kind** | **Sales In-Kind**  |
| NEOS Bitcoin High Income ETF  | $— | $—  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  | 51721488 | —  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF  | 6885817 | —  |
| NEOS Enhanced Income Aggregate Bond ETF  | 42316062 | —  |
| NEOS Enhanced Income Credit Select ETF  | 56742608 | 8074417  |
| NEOS Ethereum High Income ETF |  | —  |
| NEOS Gold High Income ETF |  | —  |
| NEOS Long/Short Equity Income ETF | 1188815 | —  |
| NEOS MLP & Energy Infrastructure High Income ETF | 33791760 | —  |
| NEOS MSCI EAFE High Income ETF | 45985948 | 2992287  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | 26429838 | 525976  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | 5781624327 | 504563845  |
| NEOS Real Estate High Income ETF  | 131495976 | 489546  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | 282560524 | 28607807  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF  | 16488046 | 1071777  |
| NEOS S&P 500<sup>®</sup> High Income ETF  | 2965126960 | 224730552 |

---

**NOTE 5 – REVERSE SHARE SPLITS** 

Effective December 26, 2024, NEOS Enhanced Income Credit Select ETF underwent a 1-for-5 reverse share split and cusip change.

Effective February 20, 2025, NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF underwent a 1-for-2 reverse share split and cusip change.

The effect of the reverse share split transactions was to divide the number of outstanding shares of the Funds by the reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of the Funds or the value of a shareholder's investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the reverse share splits. Additionally, when the application of reverse share splits resulted in fractional shares for beneficial shareholders, a portion of the cost of shares redeemed, as presented in the Statements of Changes in Net Assets, reflects payment of fractional share balances on beneficial shareholder accounts.

**NOTE 6 – TAX MATTERS** 

The tax character of the distributions paid during the year or period ended December 31, 2025, May 31, 2025, August 31, 2024, and May 31, 2024 are as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended December 31, 2025**  | **Period Ended December 31, 2025**  | **Period Ended December 31, 2025**  |
|  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gain<sup>(a)</sup>**  | **Return of** <br>**Capital**  |
| NEOS Bitcoin High Income ETF | $61072056  | $—  | $48893912  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | $15730864  | $2716701  | $515401  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | $152185  | $33243  | $19579  |
| NEOS Enhanced Income Aggregate Bond ETF | $2944339  | $677914  | $—  |
| NEOS Enhanced Income Credit Select ETF | $6477716  | $—  | $1195890  |
| NEOS Ethereum High Income ETF  | $29761  | $30919  | $193079  |
| NEOS Gold High Income ETF  | $7258606  | $1732116  | $—  |
| NEOS Long/Short High Income ETF  | $12939  | $1527  | $4505  |
| NEOS MLP & Energy Infrastructure High Income ETF  | $17934  | $—  | $60353  |

---

137<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended December 31, 2025**  | **Period Ended December 31, 2025**  | **Period Ended December 31, 2025**  |
|  | **Ordinary** <br>**Income**  | **Long Term** <br>**Capital Gain<sup>(a)</sup>**  | **Return of** <br>**Capital**  |
| NEOS MSCI EAFE High Income ETF  | $686108  | $75750  | $—  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | $90404  | $—  | $18191616  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | $1665326  | $—  | $412031734  |
| NEOS Real Estate High Income ETF | $5525538  | $234195  | $1657308  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | $3378338  | $1345794  | $21504877  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | $32568  | $—  | $447436  |
| NEOS S&P 500<sup>®</sup> High Income ETF | $17910660  | $—  | $361137471 |

---

<sup>(a)</sup> The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended December 31, 2025. 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended May 31, 2025**  | **Year Ended May 31, 2025**  | **Year Ended May 31, 2025**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains<sup>(a)</sup>** | **Return of** <br>**Capital**  |
| NEOS Bitcoin High Income ETF  | $2638033 | &nbsp;&nbsp; $— | $15661431  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  | $23338608 | &nbsp;&nbsp; $2508375 | $1124971  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF  | $35038 | &nbsp;&nbsp; $777 | $19685  |
| NEOS Enhanced Income Aggregate Bond ETF | $1711571 | &nbsp;&nbsp; $216862 | $1049960  |
| NEOS Enhanced Income Credit Select ETF  | $7707273 | &nbsp;&nbsp; $— | $2214922  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | $391743 | &nbsp;&nbsp; $— | $20264190  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | $1997206 | &nbsp;&nbsp; $1144642 | $110249033  |
| NEOS Real Estate High Income ETF  | $726422 | &nbsp;&nbsp; $35299 | $483942  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | $2144420 | &nbsp;&nbsp; $2242022 | $11086145  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | $1285 | &nbsp;&nbsp; $— | $17205  |
| NEOS S&P 500<sup>®</sup> High Income ETF  | $17695715 | &nbsp;&nbsp; $— | $285789094 |

---

<sup>(a)</sup> The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended May 31, 2025. 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended August 31, 2024**  | **Year Ended August 31, 2024**  | **Year Ended August 31, 2024**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital**  |
| NEOS Enhanced Income Credit Select ETF  | $7732892 | $— | $—  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | $903624 | $— | $29598677 |

---

NEOS Ethereum High Income ETF, NEOS Gold High Income ETF, NEOS Long/Short Equity Income ETF, NEOS MLP & Energy Infrastructure High Income ETF, and NEOS MSCI EAFE High Income ETF commenced operations after May 31, 2025, thus there were no distributions made during the period ended May 31, 2025.

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended May 31, 2024**  | **Period Ended May 31, 2024**  | **Period Ended May 31, 2024**  |
|  | **Ordinary** <br>**Income**  | **Long-Term** <br>**Capital Gains<sup>(a)</sup>**  | **Return of** <br>**Capital**  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  | $12638994  | &nbsp;&nbsp; $914739  | $1282823  |
| NEOS Enhanced Income Aggregate Bond ETF  | $174451  | &nbsp;&nbsp; $27705  | $112364  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | $78064  | &nbsp;&nbsp; $—  | $4355312  |
| NEOS S&P 500<sup>®</sup> High Income ETF  | $6874469  | &nbsp;&nbsp; $2673907  | $62890517 |

---

<sup>(a)</sup> The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended May 31, 2024.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. At December 31, 2025, the following funds did not have any late year losses and deferred, on a tax basis, post October losses of:

---

| | | | |
|:---|:---|:---|:---|
|  | **Ordinary** <br>**Income**  | **Short-Term**  | **Long-Term**  |
| NEOS Bitcoin High Income ETF | $—  | $159713554  | $—  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  | —  | —  | —  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | —  | —  | —  |
| NEOS Enhanced Income Aggregate Bond ETF  | —  | —  | —  |
| NEOS Enhanced Income Credit Select ETF | —  | —  | —  |
| NEOS Ethereum High Income ETF | —  | —  |  |
| NEOS Gold High Income ETF  | —  | —  | —  |
| NEOS Long/Short High Income ETF | —  | —  |  |
| NEOS MLP & Energy Infrastructure High Income ETF | —  | —  |  |
| NEOS MSCI EAFE High Income ETF | —  | 13776  | 20663 |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | —  | —  |  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | —  | —  | —  |
| NEOS Real Estate High Income ETF | —  | —  | —  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | —  | —  | —  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF  | —  | —  |  |
| NEOS S&P 500<sup>®</sup> High Income ETF | —  | —  |  |

---

Capital loss carry forwards will retain their character as either short-term or long-term capital losses. At December 31, 2025, the following capital loss carryforwards were available:

---

| | | | |
|:---|:---|:---|:---|
|  | **Short Term**  | **Long Term**  | **Total**  |
| NEOS Bitcoin High Income ETF | $—  | $—  | $—  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | —  | —  | —  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | —  | —  | —  |
| NEOS Enhanced Income Aggregate Bond ETF | —  | —  | —  |
| NEOS Enhanced Income Credit Select ETF | 2754890  | —  | 2754890  |
| NEOS Ethereum High Income ETF  | —  | —  | —  |
| NEOS Gold High Income ETF  | —  | —  | —  |
| NEOS Long/Short High Income ETF  | —  | —  | —  |
| NEOS MLP & Energy Infrastructure High Income ETF  | 6227  | —  | 6227  |
| NEOS MSCI EAFE High Income ETF  | —  | —  | —  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | 93318891  | 106745498  | 200064389  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 20749971  | 32885857  | 53635828  |
| NEOS Real Estate High Income ETF | —  | —  | —  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | —  | —  | —  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 44365  | 81628  | 125993  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 40422360  | 68183775  | 108606135 |

---

The NEOS Enhanced Income Credit Select ETF utilized $1,992,905 in capital loss carry forwards in the current year.

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

As of December 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | | | | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Bitcoin** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**Enhanced** <br>**Income** <br>**1-3** <br>**Month** <br>**T-Bill-** <br>**ETF**  | **NEOS** <br>**Enhanced** <br>**Income** <br>**20+ Year** <br>**Treasury** <br>**Bond** <br>**ETF**  | **NEOS** <br>**Enhanced** <br>**Income** <br>**Aggregate** <br>**Bond**<br>**ETF**  | **NEOS** <br>**Enhanced** <br>**Income** <br>**Credit** <br>**Select ETF**  | **NEOS** <br>**Ethereum** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**Gold** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**Long/Short** <br>**Equity** <br>**Income** <br>**ETF**  | **NEOS** <br>**MLP &** <br>**Energy** <br>**Infrastructure** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**MSCI** <br>**EAFE** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**Hedged** <br>**Equity** <br>**Income** <br>**ETF**  | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**Real** <br>**Estate** <br>**High** <br>**Income**<br>**ETF**  | **NEOS** <br>**Russell** <br>**2000<sup>®</sup>** <br>**High** <br>**Income**<br>**ETF**  | **NEOS** <br>**S&P** <br>**500<sup>®</sup>** <br>**Hedged** <br>**Equity** <br>**Income**<br>**ETF**  | **NEOS** <br>**S&P** <br>**500<sup>®</sup>** <br>**High** <br>**Income** <br>**ETF**  |
| Federal income tax cost of investments, including short postions\* | 1030038716  | 805751425  | 9755388  | 130955531  | 197494707  | 10703622  | 248999609  | 4658990  | 33841872  | 44879481  | 214814283  | 6801886410  | 177883413  | 422408181  | 17275462  | 5912901031  |
| Aggregate gross unrealized <br>appreciation  | 1944140  | 167740  | 1039  | 1203200  | 1262770  | 72603  | 7567384  | 142029  | 131637  | 427478  | 152694362  | 856823953  | 6766848  | 28619252  | 1386662  | 1170523630  |
| Aggregate gross unrealized (depreciation)  | (38194453)  | —  | (249796)  | (530168)  | (2132974)  | (71032)  | (107693)  | (101308)  | (123834)  | (106363)  | (17704737)  | (277598164)  | (9782998)  | (2943497)  | (540005)  | (223571458)  |
| Net unrealized appreciation (depreciation)  | (36250313)  | 167740  | (248757)  | 673032  | (870204)  | 1571  | 7459691  | 40721  | 7803  | 321115  | 134989625  | 579225789  | (3016150)  | 25675755  | 846657  | 946952172  |
| Undistributed ordinary income  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  |
| Undistributed long term capital gains  | —  | —  | —  | 64722  | —  | —  | 7117755  | —  | —  | —  | —  | —  | —  | —  | —  | —  |
| Distributable <br>earnings  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  | —  |
| Accumulated capital and other gain/(loss)  | (159713554)  | —  | —  | —  | (2754890)  | (1)  | —  | (1)  | (6262)  | (34438)  | (200065882)  | (54098790)  | —  | 1  | (128022)  | (108907441)  |
| Total distributable earnings (accumulated <br>loss)  | (195963867)  | 167740  | (248757)  | 737754  | (3625094)  | 1570  | 14577446  | 40720  | 1541  | 286677  | (65076257)  | 525126999  | (3016150)  | 25675756  | 718635  | 838044731 |

---

\* Represents cost for federal income tax purposes and differs from the cost for financial reporting purposes due to wash sales, passive foreign investment companies (PFICs), and 1256 contracts.

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09") for the year ended December 31, 2025. The adoption of this standard affected only the financial statement disclosures and had no impact on the Funds' financial position or operating results. A breakdown of income taxes paid by jurisdiction is provided when significant income taxes are paid. For the year ended December 31, 2025, Management determined that the income taxes paid by the Funds were not significant.

**NOTE 7 – SHARE TRANSACTIONS** 

Each Fund currently offers one class of shares, which has no front-end sales loads, no deferred sales charges, and no redemption fees. The standard fixed transaction fee for all the Funds is $300 except for the NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF, NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF, and NEOS S&P 500<sup>®</sup> High Income ETF which is $500, payable to the Custodian. Additionally, a variable transaction fee may be charged by the Funds of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation or redemption. Variable transaction fees are imposed to compensate the Funds for the transaction costs associated with creation and redemption transactions. The Adviser may adjust or waive the transaction fees from time to time. The Funds may each issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

Shares of the NEOS Enhanced Income 1-3 Month T-Bill ETF and NEOS Enhanced Income Aggregate Bond ETF are listed and traded on the NYSE Arca, Inc., shares of the NEOS Bitcoin High Income ETF, NEOS Enhanced Income 20+ Year Treasury Bond ETF, NEOS Ethereum High Income ETF, NEOS Gold High Income ETF, NEOS Long/Short Equity Income ETF, NEOS MLP & Energy Infrastructure High Income ETF, NEOS MSCI EAFE High Income ETF, NEOS Real Estate High Income ETF, NEOS Russell 2000<sup>®</sup> High Income ETF, NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF, and NEOS S&P 500<sup>®</sup> High Income ETF are listed and traded on the Cboe BZX Exchange, Inc. and shares of the NEOS Enhanced Income Credit Select ETF, NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF, and NEOS Nasdaq-100<sup>®</sup> High Income ETF are listed and traded on Nasdaq Stock Market LLC (the "Exchanges"). Market prices for the Shares may be different from their NAV. The Funds will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 10,000 Shares, called "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created,

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**[**TABLE OF CONTENTS**](#TOC)**

**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

Shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation ("NSCC") or (ii) a participant in the Depository Trust Company ("DTC") and, in each case, must have executed a Participant Agreement with the Funds' Distributor. Retail investors do not qualify as Authorized Participants. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

**NOTE 8 – BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of the date of these financial statements, the Adviser does not own more than 25% of the voting securities of any of the Funds.

**NOTE 9 – PRINCIPAL RISKS** 

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to the principal risks, any of which may adversely affect each Fund's NAV, trading price, yield, total return and ability to meet their investment objectives. A description of principal risks is included in each prospectus under the heading "Principal Risks of Investing in the Fund".

**NOTE 10 – INDEMNIFICATIONS** 

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Funds' maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. The Adviser is of the view that the risk of loss to the Funds in connection with the Funds' indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

**NOTE 11 – FUND REORGANIZATIONS** 

The NEOS Enhanced Income Credit Select ETF (the "Fund") acquired all of the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of the WST Investment Trust (the "Predecessor Fund") in a tax-free reorganization on September 27, 2024. Effective September 27, 2024, the assets and liabilities of the Predecessor Fund were transferred to the Fund in exchange for shares of the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, for tax purposes and book purposes the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by the Fund in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was August 31, and the Fund is December 31. Operations prior to September 27, 2024, were for the Predecessor Fund.

---

| | | |
|:---|:---|:---|
| **NEOS Enhanced Income Credit Select ETF** | **Before Reorganization** | **After Reorganization**  |
| Net Assets . | &nbsp;&nbsp;&nbsp;&nbsp; $136224607 | &nbsp;&nbsp;&nbsp; $136224607  |
| Shares Outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 12970040 | &nbsp;&nbsp;&nbsp; 12970040  |
| Net Asset Value Per Share  | &nbsp;&nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp; $10.50  |
| Net Unrealized Appreciation  | &nbsp;&nbsp;&nbsp;&nbsp; $4528644 | &nbsp;&nbsp;&nbsp; $4528644 |

---

The NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF (the "Fund") acquired all of the assets and liabilities of the Nationwide Nasdaq-100<sup>®</sup> Risk-Managed Income ETF, a series of the ETF Series Solutions (the "Predecessor Fund"), in a tax-free reorganization on November 11, 2024. Effective November 11, 2024, the assets and liabilities of the Predecessor Fund were transferred to the Fund in exchange for shares of the Predecessor Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, for tax purposes and book

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**NOTES TO THE FINANCIAL STATEMENTS** 

**December 31, 2025(Continued)** 

purposes the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by the Fund in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was August 31, and the Fund is December 31. Operations prior to November 11, 2024, were for the Predecessor Fund.

---

| | | |
|:---|:---|:---|
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **Before Reorganization** | **After Reorganization**  |
| Net Assets . | &nbsp;&nbsp;&nbsp;&nbsp; $336883218 | &nbsp;&nbsp;&nbsp; $336883218  |
| Shares Outstanding  | &nbsp;&nbsp;&nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp; 12800000  |
| Net Asset Value Per Share  | &nbsp;&nbsp;&nbsp;&nbsp; $26.32 | &nbsp;&nbsp;&nbsp; $26.32  |
| Net Unrealized Appreciation  | &nbsp;&nbsp;&nbsp;&nbsp; $102143631 | &nbsp;&nbsp;&nbsp; $102143631 |

---

**NOTE 12 – SEGMENT REPORTING** 

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through Fund's investments in accordance with its investment objective. Each Fund's Chief Operating Decision Maker ("CODM") is the Fund Principal Executive Officer and Chief Operating Officer at the Adviser. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

**NOTE 13 – SUBSEQUENT EVENTS** 

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.

Effective January 1, 2026, the Board of NEOS Trust approved a change in its Chief Compliance Officer.

Management has determined that there are no other material events that would require recognition or disclosure in the Funds' financial statements.

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![](neos_efp-22741_head_logo.jpg)

**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM** 

To the Shareholders and Board of Trustees of

NEOS ETF Trust

<u>Opinion on the Financial Statements</u> 

We have audited the accompanying statements of assets and liabilities (consolidated for NEOS Bitcoin High Income ETF, NEOS Ethereum High Income ETF, and NEOS Gold High Income ETF only), including the schedules of investments, written options, and securities sold short (as applicable), comprising of the funds listed below (the "Funds"), each a series of NEOS ETF Trust as of December 31, 2025, and the related statements of operations and changes in net assets and the financial highlights for each of the periods indicated below, the statement of cash flows (for NEOS Long/Short Equity Income ETF only) for the period December 10, 2025 (inception date) through December 31, 2025, and the related notes (collectively referred to as the "financial statements"). In our opinion, the financial statements present fairly, in all material respects, the financial position of each of the Funds as of December 31, 2025, the results of their operations, cash flows, the changes in net assets and the financial highlights for the periods indicated above and below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations** | **Statements of Changes** <br>**in Net Assets** | **Financial Highlights**  |
| NEOS Bitcoin High Income ETF | For the period June 1, 2025 through December 31, 2025 and for the period October 17, 2024 (inception date) through May 31, 2025  | For the period June 1, 2025 through December 31, 2025 and for the period October 17, 2024 (inception date) through May 31, 2025  | For the period June 1, 2025 through December 31, 2025 and for the period October 17, 2024 (inception date) through May 31, 2025  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF, NEOS Enhanced Income Aggregate Bond ETF, and NEOS S&P 500<sup>®</sup> High Income ETF | For the period June 1, 2025 through December 31, 2025 and for the year ended May 31, 2025 | For the period June 1, 2025 through December 31, 2025 and for each of the years in the two year period ended May 31, 2025 | For the period June 1, 2025 through December 31, 2025, for each of the years in the two year period ended May 31, 2025, and for the period August 30, 2022 (inception date) through May 31, 2023  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | For the period June 1, 2025 through December 31, 2025 and for the period December 11, 2024 (inception date) through May 31, 2025  | For the period June 1, 2025 through December 31, 2025 and for the period December 11, 2024 (inception date) through May 31, 2025  | For the period June 1, 2025 through December 31, 2025 and for the period December 11, 2024 (inception date) through May 31, 2025  |
| NEOS Enhanced Income Credit Select ETF and NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | For the period June 1, 2025 through December 31, 2025 and for the period September 1, 2024 through May 31, 2025 | For the period June 1, 2025 through December 31, 2025, the period September 1, 2024 through May 31, 2025 and for the year ended August 31, 2024 | For the period June 1, 2025 through December 31, 2025, the period September 1, 2024 through May 31, 2025 and for each of the years in the four year period ended August 31, 2024  |
| NEOS Ethereum High Income ETF | For the period December 3, 2025 (inception date) through December 31, 2025  | For the period December 3, 2025 (inception date) through December 31, 2025  | For the period December 3, 2025 (inception date) through December 31, 2025  |
| NEOS Gold High Income ETF | For the period June 5, 2025 (inception date) through December 31, 2025  | For the period June 5, 2025 (inception date) through December 31, 2025  | For the period June 5, 2025 (inception date) through December 31, 2025  |
| NEOS Long/Short Equity Income ETF | For the period December 10, 2025 (inception date) through December 31, 2025  | For the period December 10, 2025 (inception date) through December 31, 2025  | For the period December 10, 2025 (inception date) through December 31, 2025  |
| NEOS MLP & Energy Infrastructure High Income ETF | For the period December 18, 2025 (inception date) through December 31, 2025  | For the period December 18, 2025 (inception date) through December 31, 2025  | For the period December 18, 2025 (inception date) through December 31, 2025  |
| NEOS MSCI EAFE High Income ETF | For the period September 17, 2025 (inception date) through December 31, 2025  | For the period September 17, 2025 (inception date) through December 31, 2025  | For the period September 17, 2025 (inception date) through December 31, 2025  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | For the period June 1, 2025 through December 31, 2025 and for the year ended May 31, 2025 | For the period June 1, 2025 through December 31, 2025, the year ended May 31, 2025, and for the period January 30, 2024 (inception date) through May 31, 2024  | For the period June 1, 2025 through December 31, 2025, the year ended May 31, 2025, and for the period January 30, 2024 (inception date) through May 31, 2024  |

---

![](neos_efp-22741_footer.jpg)

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**REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name** | **Statements of Operations** | **Statements of Changes** <br>**in Net Assets** | **Financial Highlights**  |
| NEOS Real Estate High Income ETF | For the period June 1, 2025 through December 31, 2025 and for the period January 15, 2025 (inception date) through May 31, 2025  | For the period June 1, 2025 through December 31, 2025 and for the period January 15, 2025 (inception date) through May 31, 2025  | For the period June 1, 2025 through December 31, 2025 and for the period January 15, 2025 (inception date) through May 31, 2025  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | For the period June 1, 2025 through December 31, 2025 and for the period June 25, 2024 (inception date) through May 31, 2025  | For the period June 1, 2025 through December 31, 2025 and for the period June 25, 2024 (inception date) through May 31, 2025  | For the period June 1, 2025 through December 31, 2025 and for the period June 25, 2024 (inception date) through May 31, 2025  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | For the period June 1, 2025 through December 31, 2025 and for the period April 3, 2025 (inception date) through May 31, 2025 | For the period June 1, 2025 through December 31, 2025 and for the period April 3, 2025 (inception date) through May 31, 2025 | For the period June 1, 2025 through December 31, 2025 and for the period April 3, 2025 (inception date) through May 31, 2025 |

---

<u>Basis for Opinion</u>

These financial statements are the responsibility of the Funds' management. Our responsibility is to express an opinion on the Funds' financial statements based on our audits. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) ("PCAOB") and are required to be independent with respect to the Funds in accordance with the U.S. federal securities laws and the applicable rules and regulations of the Securities and Exchange Commission and the PCAOB.

We conducted our audits in accordance with the standards of the PCAOB. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement whether due to error or fraud.

Our audits included performing procedures to assess the risks of material misstatement of the financial statements, whether due to error or fraud, and performing procedures that respond to those risks. Such procedures included examining, on a test basis, evidence regarding the amounts and disclosures in the financial statements. Our procedures included confirmation of securities owned as of December 31, 2025, by correspondence with the custodians and brokers; when replies were not received from brokers, we performed other auditing procedures. Our audits also included evaluating the accounting principles used and significant estimates made by management, as well as evaluating the overall presentation of the financial statements. We believe that our audits provide a reasonable basis for our opinion.

We have served as the auditor of one or more Funds in the NEOS ETF Trust since 2013.

![](kaiser-cc.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

February 27, 2026

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**OTHER NON-AUDITED INFORMATION** 

**December 31, 2025 (Unaudited)** 

**TAX INFORMATION** 

For the period ended December 31, 2025, certain dividends paid by the Funds may be subject to reduced tax rates, as provided for by the Jobs and Growth Tax Relief Reconciliation Act of 2003. The percentage of dividends declared from ordinary income designated as qualified dividend income was as follows:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | 0.00%  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | 0.00% |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | 0.00%  |
| NEOS Enhanced Income Aggregate Bond ETF | 0.00%  |
| NEOS Enhanced Income Credit Select ETF | 0.00%  |
| NEOS Ethereum High Income ETF  | 0.00%  |
| NEOS Gold High Income ETF  | 0.00%  |
| NEOS Long/Short Equity Income ETF | 0.00%  |
| NEOS MLP & Energy Infrastructure High Income ETF  | 0.00%  |
| NEOS MSCI EAFE High Income ETF  | 81.31%  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | 100.00%  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 100.00%  |
| NEOS Real Estate High Income ETF | 0.00%  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | 67.23%  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 100.00%  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the period ended December 31, 2025 were as follows:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | 0.00%  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | 0.00% |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF  | 0.00%  |
| NEOS Enhanced Income Aggregate Bond ETF  | 0.00%  |
| NEOS Enhanced Income Credit Select ETF | 0.00%  |
| NEOS Ethereum High Income ETF  | 0.00%  |
| NEOS Gold High Income ETF  | 0.00%  |
| NEOS Long/Short Equity Income ETF | 0.00%  |
| NEOS MLP & Energy Infrastructure High Income ETF  | 0.00%  |
| NEOS MSCI EAFE High Income ETF  | 77.60%  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | 100.00%  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 100.00%  |
| NEOS Real Estate High Income ETF | 0.00%  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | 61.80%  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 100.00%  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 100.00% |

---

145<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OTHER NON-AUDITED INFORMATION** 

**December 31, 2025 (Unaudited)(Continued)** 

For the period ended December 31, 2025, the percentage of taxable ordinary income distributions that are designated as short-term capital gain distributions under Internal Revenue Code Section 871(k)(2)(C) for the Funds were as follows:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF  | 84.93%  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  | 11.51%  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF  | 14.51%  |
| NEOS Enhanced Income Aggregate Bond ETF  | 16.82%  |
| NEOS Enhanced Income Credit Select ETF  | 0.00%  |
| NEOS Ethereum High Income ETF  | 69.27%  |
| NEOS Gold High Income ETF  | 81.28%  |
| NEOS Long/Short Equity Income ETF | 100.00%  |
| NEOS MLP & Energy Infrastructure High Income ETF  | 0.00%  |
| NEOS MSCI EAFE High Income ETF  | 7.41%  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | 0.00%  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | 0.00%  |
| NEOS Real Estate High Income ETF  | 63.25%  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | 26.56%  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF  | 0.00%  |
| NEOS S&P 500<sup>®</sup> High Income ETF  | 0.00% |

---

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds traded on the Exchanges at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available on the Funds' website at www.neosfunds.com.

146<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**OTHER NON-AUDITED INFORMATION** 

**December 31, 2025 (Unaudited)(Continued)** 

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

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

**PROXY VOTING POLICIES AND PROCEDURES** 

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

147<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)** 

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the information concerning changes in and disagreements with accountants and on accounting and financial disclosure required by Item 304 of Regulation S-K [17 CFR 229.304].

**Response: None for the period contained within this report.** 

148<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)** 

If any matter was submitted during the period covered by the report to a vote of shareholders of an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A], through the solicitation of proxies or otherwise, the company must furnish the following information:

&nbsp;&nbsp;&nbsp;&nbsp;(1) The date of the meeting and whether it was an
 annual or special meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(2) If the meeting involved the election of directors,
 the name of each director elected at the meeting and the name of each other director whose term of office as a director continued after
 the meeting.

&nbsp;&nbsp;&nbsp;&nbsp;(3) A brief description of each matter voted upon
 at the meeting and the number of votes cast for, against or withheld, as well as the number of abstentions and broker non-votes as to
 each such matter, including a separate tabulation with respect to each matter or nominee for office.

**Response: None for the period contained in this report.** 

149<br>

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**[**TABLE OF CONTENTS**](#TOC)**

**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)** 

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) All directors and all members of any advisory
 board for regular compensation;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each director and each member of an advisory board
 for special compensation;

&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) Each person of whom any officer or director of
 the Fund is an affiliated person

**Response: Each current Independent Trustee is paid an annual retainer of $19,000 for his or her services as a Board member to the Trust, together with out-of-pocket expenses in accordance with the Board's policy on travel and other business expenses relating to attendance at meetings.** 

Independent Trustee fees are paid by the adviser to each series of the Trust through the applicable adviser's unitary management fee, and not by the Fund. Annual Trustee fees may be reviewed periodically and changed by the Board.

The Trust does not have a bonus, profit sharing, pension or retirement plan.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Unaudited)

If the board of directors approved any investment advisory contract during the Fund's most recent fiscal half-year, discuss in reasonable detail the material factors and the conclusions with respect thereto that formed the basis for the board's approval. Include the following in the discussion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Factors relating to both the board's selection of the investment adviser and approval of the advisory fee and any other amounts to be paid by the Fund under the contract. These factors would include, but not be limited to, a discussion of the nature, extent, and quality of the services to be provided by the investment adviser; the investment performance of the Fund and the investment adviser; the costs of the services to be provided and profits to be realized by the investment adviser and its affiliates from the relationship with the Fund; the extent to which economies of scale would be realized as the Fund grows; and whether fee levels reflect these economies of scale for the benefit of Fund investors. Also indicate in the discussion whether the board relied upon comparisons of the services to be rendered and the amounts to be paid under the contract with those under other investment advisory contracts, such as contracts of the same 14 and other investment advisers with other registered investment companies or other types of clients (e.g., pension funds and other institutional investors). If the board relied upon such comparisons, describe the comparisons and how they assisted the board in concluding that the contract should be approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) If applicable, any benefits derived or to be derived by the investment adviser from the relationship with the Fund such as soft dollar arrangements by which brokers provide research to the Fund or its investment adviser in return for allocating Fund brokerage.

**Response:**

**NEOS Nasdaq-100 High Income ETF**

December 3, 2025 NEOS ETF Trust Board of Trustees Meeting

The Advisory Agreement was approved by a majority of the Board, including the Independent Trustees, at a meeting held on December 13, 2025. The Board reviewed the materials provided by NEOS Investment Management, LLC ("NEOS" or the "Adviser") in advance of the meeting, conferred with representatives prior to the meeting and further reviewed materials at the meeting. The Board relied their own business judgment in determining the material factors to be considered in evaluating the renewal of the Advisory Agreement with respect to the NEOS Nasdaq 100 High Income ETF (the "Fund") and the weight to be given to each such factor. The conclusions reached by the Trustees were based on a comprehensive evaluation of all of the information provided and were not the result of any one factor. Moreover, each Trustee may have afforded different weight to the various factors in reaching his or her conclusions with respect to the Advisory Agreement.

The Board including the Independent Trustees of the Board, reviewed: (i) the nature and quality of the advisory services provided by NEOS, including the experience and qualifications of the personnel providing such services; (ii) the performance history of the Fund; (iii) the fee and expenses of the Fund; (iv) the profitability of the Fund to NEOS; (v) potential economies of scale; (vi) possible fall-out benefits to NEOS and its affiliates (i.e., the ancillary benefits realized by NEOS and its affiliates from NEOS's relationship with the Fund); and (vii) possible conflicts of interest. In considering the approval of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below, including a research report prepared by the Fuse Research Network (the "Fuse Report"), a company independent from the Adviser.

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

<u>Nature, Extent and Quality of Service</u>.

The Board reviewed materials provided by NEOS related to the approval of the Advisory Agreement for the Fund, a review of the professional personnel who perform services for the Fund, NEOS's compliance and risk management infrastructure, its financial strength and resources, and its investment process. The Board also noted the extensive responsibilities that NEOS has as investment adviser to the Fund, including: its adherence to the Fund's investment strategy and restrictions, buying and selling of securities and other transactions, reviewing its performance, voting the proxies received by the Fund and oversight of, and its role in the creation of custom or redemption baskets for authorized

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Unaudited)(Continued)

participants; oversight of the daily valuation of the Fund' portfolio holdings including its role as Valuation Designee for the Fund; oversight of general compliance with federal and state laws; and implementation of Board directives as they relate to the Fund. The Board also considered research support available to, and management capabilities of, the NEOS' management personnel and that NEOS provides oversight of day-to-day Fund operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements. The Board discussed the extent of the NEOS' research capabilities, the quality of its compliance infrastructure and the experience of its fund management personnel.

Additionally, the Board received satisfactory responses from the representatives of NEOS with respect to a series of questions, including: whether NEOS was involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with its management of the Trust and the Fund; and whether there are procedures in place to adequately allocate trades among its respective clients.

The Board reviewed the description provided on the practices for monitoring compliance with the Fund's investment limitations, noting that NEOS's CCO would periodically review the portfolio managers' performance of their duties to ensure compliance under NEOS's compliance program. The Board concluded that NEOS had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services provided by NEOS to the Fund would be satisfactory.

<u>Performance</u>.

The Board reviewed the performance section of the Fuse Report that compared the performance of the Fund with six similar, unaffiliated ETFs selected by Fuse Research Network. The Board commented that the Fund had outperformed all but one of the ETFs in its peer group for the one year period and all of the ETFs in the peer group since inception. The Board also noted that the Fund outperformed its peer group average and median over the 1-year and since inception periods.

<u>Fees and Expenses</u>.

The Board observed that the gross advisory fee and the total expense ratio for the Fund were both at the 50% level when compared to the peers identified in the Fuse Report. The Board noted that the Fund's gross advisory fee and total expense ratio ranked four, lower than three ETF peers identified by the Fuse Research Network and higher than three ETF peers. The Board considered NEOS' explanation for its fees which included that its proprietary model to manage options had been developed through extensive research, which commanded a premium. The Board also discussed NEOS' statement that many other direct competitors of the Fund that were not included in the peer group had higher expenses than the Fund. The Board concluded that the advisory fee for the Fund was not unreasonable.

<u>Economies of Scale</u>. The Board reviewed NEOS' asset projections and noted NEOS' assertion that the asset levels at which economies of scale would be achieved by the Fund were unlikely to be realized in the near term. They acknowledged NEOS's statement regarding the challenges involved with attempting to forecast future growth and fee levels. The Board considered, however, NEOS' willingness to discuss the matter of economies for the Fund as its size materially increased. The Board agreed to monitor and revisit this issue at the appropriate time.

<u>Profitability</u>. The Board reviewed NEOS' profitability analysis in connection with its advisory services provided to the Fund and noted that NEOS earned a profit in connection with managing the Fund. The Board considered factors cited by NEOS to support the level of profits for the Fund, including, without limitation, what might reasonably be believed to be a fair entrepreneurial profit, the resources required in light of the sophistication of the strategies, as well as the business, operational, and regulatory risks involved in managing the Fund. The Board also discussed NEOS' method of allocating certain expenses and the range of estimated profits when using the various methods of allocating expenses that were common practice in the industry, acknowledging the difficulty of fully capturing the entirety of NEOS' expenses with a respect to the Fund in isolation. The Board concluded that NEOS's profitability for the Fund was not excessive.

<u>Conclusion</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, the Board concluded that NEOS' advisory fee for the Fund not unreasonable, and that reapproval of the Advisory Agreement was in the best interest of future shareholders of the Fund.

152<br>

(b) Financial Highlights are included within the financial statements filed under Item 7(a) of this Form.

**<u>Item 8. Changes in and Disagreements with Accountants for Open-End Investment Companies.</u>**

Response included within Item 7(a) of this Form.

**<u>Item 9. Proxy Disclosure for Open-End Investment Companies.</u>**

Response included within Item 7(a) of this Form.

**<u>Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Investment Companies.</u>**

Response included within Item 7(a) of this Form.

**<u>Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.</u>**

Response included within Item 7(a) of this Form.

**<u>Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 13. Portfolio Managers of Closed-End Management Investment Companies.</u>**

Not applicable to open-end investment companies.

**<u>Item 14. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.</u>**

Not applicable to open-end investment companies.

 

**<u>Item 15. 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 16. Controls and Procedures.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls
 and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days
 of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange
 Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring
 that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known
 to them by others within the Registrant and by the Registrant's service provider.

&nbsp;&nbsp;&nbsp;&nbsp;(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act)
 that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the
 Registrant's internal control over financial reporting.

**<u>Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies</u>**

Not applicable to open-end investment companies.

**<u>Item 18. Recovery of Erroneously Awarded Compensation.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(a) Not Applicable.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(b) Not Applicable.

**<u>Item 19. Exhibits.</u>**

&nbsp;&nbsp;&nbsp;&nbsp;*(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. **Filed herewith.**](net-efp22741_ex99code.htm)

 

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. **Not Applicable.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;[(3) A separate certification for each principal executive officer and principal financial officer of the registrant as required by Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)). **Filed herewith.**](net-efp22741_ex99906cert.htm)

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(4) Any written solicitation to purchase securities under Rule 23c-1 under the Act sent or given during the period covered by the report by or on behalf of the registrant to 10 or more persons. **Not applicable to open-end investment companies.**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;*(5)* Change in the registrant's independent public accountant. Provide the information called for by Item 4 of Form 8-K under the Exchange Act (17 CFR 249.308). Unless otherwise specified by Item 4, or related to and necessary for a complete understanding of information not previously disclosed, the information should relate to events occurring during the reporting period. **Not applicable to open-end investment companies.**

&nbsp;&nbsp;&nbsp;&nbsp;*(b)* [Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. **Furnished herewith.**](net-efp22741_ex99906cert.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>NEOS ETF Trust</u>

---

| | |
|:---|:---|
| By: | /s/ Garrett Paolella |
|  | Garrett Paolella |
|  | President/Principal Executive Officer |
| Date: | March 5, 2026 |

---

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: | March 5, 2026 |
| By: | /s/ Josh Hunter |
|  | Josh Hunter |
|  | Treasurer/Principal Financial Officer |
| Date: | March 5, 2026 |

---

## Ex-99.Code

**EX.99.CODE ETH**

**Financial Code of Ethics for Principal Executive and Financial Officers**

**1. HONEST AND ETHICAL CONDUCT**

The Principal Executive Officer, Principal Financial Officer, or other Trust officers performing similar functions (the "Principal Officers") of the NEOS ETF Trust (the "Trust") shall act with honesty and integrity, ethically handle actual or apparent conflicts of interest between personal and professional relationships, and shall report any material transaction or relationship that reasonably could be expected to give rise to a conflict of interest between their interests and those of the Trust to the Audit Committee, the full Board of Trustees of the Trust, and, in addition, to any other appropriate person or entity that may reasonably be expected to deal with any conflict of interest in timely and expeditious manner. A conflict of interest can arise when a person takes actions or has interests that may make it difficult to perform his or her work on behalf of the Trust objectively and effectively.

The Principal Officers shall act in good faith, responsibly, with due care, competence and diligence, without misrepresenting acts or allowing their independent judgment to be subordinated or compromised.

The names of the Principal Officers covered by this Code of Ethics are listed on Schedule A hereto.

**2. FINANCIAL RECORDS AND REPORTING**

The Principal Officers shall provide full, fair, accurate, timely and understandable disclosure in the reports and/or other documents to be filed with or submitted to the Securities and Exchange Commission or other applicable body by the Trust, or that is otherwise publicly disclosed or communicated. The Principal Officers shall comply with applicable rules and regulations of federal, state, and local governments, and other appropriate private and public regulatory agencies.

The Principal Officers shall respect the confidentiality of information acquired in the course of their work and shall not disclose such information except when authorized or legally obligated to disclose. The Principal Officers will not use for their personal benefit (directly or indirectly) any confidential information acquired in the course of their duties as Principal Officers.

The Principal Officers shall share knowledge with relevant parties to keep them informed of the business affairs of the Trust, as appropriate, and maintain skills important and relevant to the Trust's needs; shall proactively promote ethical behavior of the Trust's employees and as a partner with industry peers and associates; and shall maintain control over and responsibly manage assets and resources employed or entrusted to them by the Trust.

**3. COMPLIANCE WITH LAWS, RULES AND REGULATIONS**

The Principal Officers shall establish and maintain mechanisms to oversee the compliance of the Trust with applicable federal, state or local law, regulation or administrative rule, and to identify, report and correct in a swift and certain manner, any detected deviations from applicable federal, state or local law, regulation or rule.

**4. COMPLIANCE WITH THIS CODE OF ETHICS**

The Principal Officers shall promptly report any violations of this Code of Ethics, including violations of securities laws or other laws, rules and regulations applicable to the Trusts, to the Audit Committee as well as the full Board of Trustees of the Trust and shall be held accountable for strict adherence to this Code of Ethics. A proven failure to uphold the standards stated herein shall be grounds for such sanctions as shall be reasonably imposed by the Board of Trustees of the Trust.

**5. AFFIRMATION OF THE CODE**

Upon adoption of the Code, the Principal Officers must affirm in writing that they have received, read and understand the Code, and annually thereafter must affirm that they have complied with the requirements of the Code.

**6. AMENDMENT AND WAIVER**

This Code of Ethics may only be amended or modified by approval of the Board of Trustees. Any substantive amendment that is not technical or administrative in nature or any material waiver, implicit or otherwise, of any provision of this Code of Ethics shall be communicated publicly in accordance with Item 2 of Form N-CSR under the 1940 Act.

**Adopted: June 16, 2021**

**SCHEDULE A**

Principal Executive Officer: Garrett Paolella <br>Principal Financial Officer: Josh Hunter

## Ex-99.Cert

**EX.99.CERT**

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF</u>**

**<u>1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:</u>**

I, Garrett Paolella, certify that:

&nbsp;&nbsp;&nbsp;&nbsp;1. I have reviewed this report on Form N-CSR of NEOS 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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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: | March 5, 2026 | /s/ Garrett Paolella |
|  |  | Garrett Paolella |
|  |  | President/Principal Executive Officer |

---

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF</u>**

**<u>1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:</u>**

I, Josh Hunter, certify that:

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

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;

&nbsp;&nbsp;&nbsp;&nbsp;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;&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;&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;&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;&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

&nbsp;&nbsp;&nbsp;&nbsp;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: | March 5, 2026 | /s/ Josh Hunter |
|  |  | Josh Hunter |
|  |  | Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act</u>**

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the NEOS ETF Trust, does hereby certify, to such officer's knowledge, that the report on Form N-CSR of the NEOS ETF Trust for the period ended December 31, 2025 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 the NEOS ETF Trust for the stated period.

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| | | | |
|:---|:---|:---|:---|
| /s/ Garrett Paolella | /s/ Garrett Paolella | /s/ Josh Hunter | /s/ Josh Hunter |
| Garrett Paolella<br> President/Principal Executive Officer, | Garrett Paolella<br> President/Principal Executive Officer, | Josh Hunter<br> Treasurer/Principal Financial Officer, | Josh Hunter<br> Treasurer/Principal Financial Officer, |
| Dated: | March 5, 2026 | Dated: | March 5, 2026 |

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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 NEOS ETF Trust for purposes of Section 18 of the Securities Exchange Act of 1934.