# EDGAR Filing Document

**Accession Number:** 0001848758
**File Stem:** 0001133228-25-008163
**Filing Date:** 2025-8
**Character Count:** 135971
**Document Hash:** 6f8bfe53a0f0a4740adf1b7ba3fb098f
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-25-008163.hdr.sgml**: 20250807

**ACCESSION NUMBER**: 0001133228-25-008163

**CONFORMED SUBMISSION TYPE**: N-CSR

**PUBLIC DOCUMENT COUNT**: 38

**CONFORMED PERIOD OF REPORT**: 20250531

**FILED AS OF DATE**: 20250807

**DATE AS OF CHANGE**: 20250807

**EFFECTIVENESS DATE**: 20250807

**FILER**: 

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

**ORGANIZATION NAME:**
- **EIN:** 861805230
- **STATE OF INCORPORATION:** DE
- **FISCAL YEAR END:** 0531

**FILING VALUES:**
- **FORM TYPE:** N-CSR
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23645
- **FILM NUMBER:** 251195424

**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

### FIS Knights of Columbus Global Belief ETF (Series ID: S000071907)

| Class ID   | Class Name                                | Ticker Symbol   |
|:---|:---|:---|
| C000227524 | FIS Knights of Columbus Global Belief ETF |  |

### FIS Christian Stock Fund (Series ID: S000075169)

| Class ID   | Class Name               | Ticker Symbol   |
|:---|:---|:---|
| C000234008 | FIS Christian Stock Fund | PRAY            |

### FIS Bright Portfolios Focused Equity ETF (Series ID: S000089423)

| Class ID   | Class Name                               | Ticker Symbol   |
|:---|:---|:---|
| C000255956 | FIS Bright Portfolios Focused Equity ETF |  |

?xml version='1.0' encoding='ASCII'? 2025-07-07193440_FISBrightPortfoliosFocusedEquityETF_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>May 31</u>**

Date of reporting period: **<u>May 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](img462022_202507151739377.jpg) | **FIS Bright Portfolios Focused Equity ETF**  | ![image](img8888_202501061245217.jpg) |
| ![image](img462022_202507151739377.jpg) | BRIF (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img8888_202501061245217.jpg) |
| ![image](img462022_202507151739377.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img8888_202501061245217.jpg) |

---

This annual shareholder report contains important information about the FIS Bright Portfolios Focused Equity ETF (the "Fund") for the period of December 20, 2024, to May 31, 2025. You can find additional information about the Fund at https://faithinvestorservices.com/etfs/brif/. You can also request this information by contacting us at 1-833-833-1311.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment<sup>1</sup>**  | **Costs paid as a percentage of** **a $10,000 investment<sup>2</sup>**  |
| FIS Bright Portfolios Focused Equity ETF | $29 | 0.65% |

---

---

| | |
|:---|:---|
| 1 | Amount shown reflects the expenses of the Fund from inception date through May 31, 2025. Expenses would be higher if the Fund had been in operations for the full twelve month reporting period. |

---

2 Annualized

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

From December 20, 2024 through May 31, 2025, the FIS Bright Portfolios Focused Equity ETF (BRIF) delivered a strong total return, outperforming the MSCI USA Net Total Return USD Index.

**WHAT FACTORS INFLUENCED PERFORMANCE**

This relative outperformance was driven by security selection, with active return contribution estimated at +1.95%. Stock selection within healthcare and technology proved particularly effective, while the fund's underweight to the financial services sector and selection within the industrials sector detracted from performance.

The top three contributors to performance were Uber Technologies, Inc., Abbott Laboratories, and Vertex Pharmaceuticals Incorporated. Uber's strength reflected robust earnings momentum and margin expansion in its mobility and delivery segments. Abbott benefited from steady growth in its diagnostics and medical devices business, while Vertex advanced on continued leadership in rare disease treatments. On the downside, the most significant detractors were Arista Networks, Inc., Salesforce, Inc., and Bristol-Myers Squibb Co. Arista and Salesforce were weighed down by valuation compression in high-multiple tech names despite solid fundamentals, while Bristol-Myers faced ongoing investor concerns around its drug pipeline and patent expirations which led to the managers' decision to exit the position.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Uber Technologies, Inc. |
| ↑ | Abbott Laboratories |
| ↑ | Vertex Pharmaceuticals Incorporated |
| ↑ | W. R. Berkley Corporation |
| ↑ | Amgen Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Arista Networks, Inc. |
| ↓ | Salesforce, Inc. |
| ↓ | Bristol-Myers Squibb Co. |
| ↓ | Tesla, Inc. |
| ↓ | Advanced Micro Devices, Inc. |

---

FIS Bright Portfolios Focused Equity ETF PAGE 1 TSR-AR-78433H626

------

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts5119img003.jpg)

**CUMULATIVE TOTAL RETURN (%)**

---

| | |
|:---|:---|
|  | **Since Inception**<br>**(12/20/2024)** |
| **FIS Bright Portfolios Focused Equity ETF NAV**  | 3.61 |
| **MSCI USA Net Total Return USD Index**  | 1.19 |

---

Visit https://faithinvestorservices.com/etfs/brif/ 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 May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $84726473 |
| **Number of Holdings** | 42 |
| **Net Advisory Fee** | $210763 |
| **Portfolio Turnover** | 34% |
| **30-Day SEC Yield** | 0.69% |

---

Visit https://faithinvestorservices.com/etfs/brif/ for more recent performance information.

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

**Sector Breakdown** **\***

![image](ts5119img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 6.7% |
|  Broadcom, Inc.  | 5.8% |
|  Cisco Systems, Inc.  | 4.8% |
|  Palo Alto Networks, Inc.  | 4.7% |
|  Arista Networks, Inc.  | 4.1% |
|  First American Treasury Obligations Fund  | 4.0% |
|  Linde PLC  | 3.8% |
|  Oracle Corp.  | 3.6% |
|  Vertex Pharmaceuticals, Inc.  | 3.5% |
|  AbbVie, Inc.  | 3.2% |

---

**Geographic Breakdown**

![image](ts5119img005.jpg)

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

FIS Bright Portfolios Focused Equity ETF PAGE 2 TSR-AR-78433H626

------

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

**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 Faith Investor Services, LLC documents not be householded, please contact Faith Investor Services, LLC at 1-833-833-1311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Faith Investor Services, LLC or your financial intermediary.

FIS Bright Portfolios Focused Equity ETF PAGE 3 TSR-AR-78433H626

1000010361100001011937.916.111.29.08.57.02.52.31.44.196.91.61.4 ------

---

| | | |
|:---|:---|:---|
| ![image](img8889_r20240521164554.jpg) | **FIS Christian Stock Fund**  | ![image](img8888_202501061245217.jpg) |
| ![image](img8889_r20240521164554.jpg) | PRAY (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img8888_202501061245217.jpg) |
| ![image](img8889_r20240521164554.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img8888_202501061245217.jpg) |

---

This annual shareholder report contains important information about the FIS Christian Stock Fund (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://faithinvestorservices.com/pray/. You can also request this information by contacting us at 1-833-833-1311.

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| FIS Christian Stock Fund | $74 | 0.68% |

---

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

For the year ending May 31, 2025, the Fund returned 9.23% on a Net Asset Value basis. The Fund's benchmark index is the MSCI World Index Net (USD) which rose 13.72%.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The three sectors that contributed the most to performance were health care, energy and utilities. Stock picking had the greatest impact as NVIDIA Corporation was once again the Fund's largest holding throughout the period, and it was also one of the very best performers in the broad stock market. Other helpful technology stocks for the Fund were Palo Alto Networks, Inc. and ServiceNow, Inc. Their focus on software and services as compliments to Artificial Intelligence is a long-term theme the portfolio managers find appealing. Reflecting continued innovation in health care, Intuitive Surgical, Inc. in medical equipment also added to performance.

The three sectors that detracted the most from performance were consumer discretionary, financials and communication services. In each case, this was a result of stock selection and to a smaller degree the amount of capital allocated to these sectors. The individual stocks having the largest detraction to fund performance were ON Semiconductor Corp. in technology, Lennar Corporation in consumer discretionary, and Graphic Packaging Holding Company in materials. In an effort to mitigate risk concerns about the numerous economic and policy changes the US equity markets were facing, we had an allocation to cash which also detracted from performance during the period.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | NVIDIA Corporation |
| ↑ | GFL Environmental Inc. |
| ↑ | Intuitive Surgical, Inc. |
| ↑ | ServiceNow, Inc. |
| ↑ | Palo Alto Networks, Inc. |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | ON Semiconductor Corp. |
| ↓ | Lennar Corporation |
| ↓ | Graphic Packaging Holding Company |
| ↓ | Toll Brothers, Inc. |
| ↓ | Bunge Global |

---

FIS Christian Stock Fund PAGE 1 TSR-AR-78433H204

------

**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.

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4496img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(02/08/2022)** |
| **FIS Christian Stock Fund NAV**  | 9.23 | 6.13 |
| **MSCI WORLD Index Net (USD)**  | 13.72 | 9.05 |
| **S&P 500 Total Return Index**  | 13.52 | 10.40 |

---

Visit https://faithinvestorservices.com/pray/ 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 May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $68719953 |
| **Number of Holdings** | 71 |
| **Net Advisory Fee** | $424497 |
| **Portfolio Turnover** | 19% |
| **30-Day SEC Yield** | 0.82% |

---

Visit https://faithinvestorservices.com/pray/ for more recent performance information.

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

**Sector Breakdown** **\***

![image](ts4496img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  First American Treasury Obligations Fund  | 7.1% |
|  NVIDIA Corp.  | 5.0% |
|  Palo Alto Networks, Inc.  | 3.4% |
|  Intuitive Surgical, Inc.  | 3.2% |
|  Casey's General Stores, Inc.  | 3.0% |
|  GFL Environmental, Inc.  | 2.8% |
|  Holcim AG  | 2.8% |
|  ServiceNow, Inc.  | 2.4% |
|  SBM Offshore NV  | 2.2% |
|  Toll Brothers, Inc.  | 2.2% |

---

**Geographic Breakdown**![image](ts4496img005.jpg)

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

FIS Christian Stock Fund PAGE 2 TSR-AR-78433H204

------

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

**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 Faith Investor Services, LLC documents not be householded, please contact Faith Investor Services, LLC at 1-833-833-1311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Faith Investor Services, LLC or your financial intermediary.

FIS Christian Stock Fund PAGE 3 TSR-AR-78433H204

10000931891051114912178100009187937811714133211000092639534122211387320.713.812.911.110.16.35.15.03.311.778.83.82.82.32.22.11.51.21.1 ------

---

| | | |
|:---|:---|:---|
| ![image](img462021_220250715173261.jpg) | **FIS Knights of Columbus Global Belief ETF**  | ![image](img11903_202507181446118.jpg) |
| ![image](img462021_220250715173261.jpg) | KOCG (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img11903_202507181446118.jpg) |
| ![image](img462021_220250715173261.jpg) | Annual Shareholder Report \| May 31, 2025  | ![image](img11903_202507181446118.jpg) |

---

This annual shareholder report contains important information about the FIS Knights of Columbus Global Belief ETF (the "Fund") for the period of June 1, 2024, to May 31, 2025. You can find additional information about the Fund at https://faithinvestorservices.com/etfs/kocg. You can also request this information by contacting us at 1-833-833-1311.

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

**WHAT WERE THE FUND COSTS FOR THE PAST YEAR?** (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** |
| FIS Knights of Columbus Global Belief ETF | $81 | 0.75% |

---

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

For the 12-Month period ended May 31, 2025, the Fund outperformed its benchmark, MSCI ACWI Net Total Return Index (USD) 17.16% versus 13.65%. Strong relative performance of non-US equity markets where the Fund had a Value tilt, favorable allocation to and selection within Emerging Asia markets, and positive stock selection with a Growth bias in the US were important contributors.

**WHAT FACTORS INFLUENCED PERFORMANCE**

The top three sector contributors were Information Technology, Health Care and Communications Services. Favorable stock selection was the dominant driver in each case. Chinese Technology firm Xiaomi Corp., Semiconductor manufacturer Broadcom Inc. and German enterprise software provider SAP SE were the top contributors in Technology. Automated insulin pump maker Insulet Corp., drug distributor Cencora, Inc. and robotic surgical equipment maker Intuitive Surgical, Inc. led the Health Care sector. In Communcation Services the largest contributors were Netflix Inc., Deutsche Telecom AG and Hong Kong based entertainment company Tencent Holdings Ltd.

The top three sectors detracting from performance were Consumer Staples, Industrials and Consumer Discretionary. The Campbell's Co., General Mills, Inc., and troubled retailer Target Corp. were the largest detractors in Consumer Staples. Industrials' performance was chiefly hurt by buildings products maker Ferguson Enterprises, military contractor BAE Systems (sold before the large 2025 rally in defense stocks) and automotive auctioneer salvage yard operator Copart. In Consumer Discretionary, footwear maker Deckers Outdoor Corporation was responsible for essentially the entire sector's underperformance, as the shares fell sharply on tariff concerns in early 2025.

---

| | |
|:---|:---|
| **Top Contributors** | **Top Contributors** |
| ↑ | Broadcom Inc. |
| ↑ | Xiamoi Corp. |
| ↑ | Netflix Inc. |
| ↑ | NVIDIA Corp. |
| ↑ | Meta Platforms-A |

---

---

| | |
|:---|:---|
| **Top Detractors** | **Top Detractors** |
| ↓ | Deckers Outdoor Corporation |
| ↓ | Ferguson Enterprises |
| ↓ | ASML Holding |
| ↓ | PDD Holdings Inc. |

---

**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.

FIS Knights of Columbus Global Belief ETF PAGE 1 TSR-AR-78433H105

------

**CUMULATIVE PERFORMANCE** (Initial Investment of $10,000)

![image](ts4495img003.jpg)

**ANNUAL AVERAGE TOTAL RETURN (%)**

---

| | | |
|:---|:---|:---|
|  | **1 Year** | **Since Inception**<br>**(07/14/2021)** |
| **FIS Knights of Columbus Global Belief ETF NAV**  | 17.16 | 6.06 |
| **MSCI ACWI Net Total Return Index (USD)**  | 13.65 | 6.80 |
| **FTSE All World Index**  | 13.82 | 6.82 |

---

Visit https://faithinvestorservices.com/etfs/kocg 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 May 31, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $28173812 |
| **Number of Holdings** | 82 |
| **Net Advisory Fee** | $194096 |
| **Portfolio Turnover** | 16% |
| **30-Day SEC Yield** | 0.83% |

---

Visit https://faithinvestorservices.com/etfs/kocg for more recent performance information.

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

**Sector Breakdown** **\***

![image](ts4495img004.jpg)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Microsoft Corp.  | 5.0% |
|  NVIDIA Corp.  | 4.4% |
|  First American Treasury Obligations Fund  | 4.2% |
|  Apple, Inc.  | 3.5% |
|  Alphabet, Inc.  | 2.6% |
|  Broadcom, Inc.  | 2.6% |
|  Meta Platforms, Inc.  | 2.5% |
|  JPMorgan Chase & Co.  | 1.9% |
|  Visa, Inc.  | 1.8% |
|  Berkshire Hathaway, Inc.  | 1.8% |

---

**Geographic Breakdown**

![image](ts4495img005.jpg)

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

FIS Knights of Columbus Global Belief ETF PAGE 2 TSR-AR-78433H105

------

**HOW HAS THE FUND CHANGED?**

As announced on June 23, 2025, the Fund's Board approved a Plan of Liquidation for the Fund. Liquidation payments to Fund shareholders are expected to be distributed on or about August 1, 2025 ("Liquidation Date"). After the close of business on July 11, 2025, the Fund will no longer accept creation orders. The last day of trading of Fund shares on the NYSE Arca, Inc. will be July 18, 2025. Shareholders who do not sell their Fund shares before market close on July 18, 2025, will receive cash in their brokerage accounts equal to the amount of the net asset value of their shares (which will include any capital gains and dividend distributions) on or about the Liquidation Date.

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

**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 Faith Investor Services, LLC documents not be householded, please contact Faith Investor Services, LLC at 1-833-833-1311, or contact your financial intermediary. Your instructions will typically be effective within 30 days of receipt by Faith Investor Services, LLC or your financial intermediary.

FIS Knights of Columbus Global Belief ETF PAGE 3 TSR-AR-78433H105

10000888487011072512565100009115919311359129091000091269204113491291823.919.410.210.18.88.05.13.82.68.167.15.24.03.83.73.12.11.91.6 ------

&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 May 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 the last fiscal year for audit fees, audit-related fees, tax fees and other fees by the principal accountant.

---

| | | |
|:---|:---|:---|
| | FYE 5/31/25 | FYE 5/31/24 |
| (a) Audit Fees | $37000 | $21000 |
| (b) Audit-Related Fees |  |  |
| (c) Tax Fees | $9000 | $6000 |
| (d) All Other Fees (Seed Audit) |  |  |

---

(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:

---

| | | |
|:---|:---|:---|
| | &nbsp;&nbsp;&nbsp;&nbsp;FYE 5/31/25 | FYE 5/31/24 |
| 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 5/31/25</u> <u>FYE 5/31/24</u> <br> Registrant None None <br> <u>Registrant's Investment Adviser</u> <u>None</u> <u>None</u>

(h) Because no non-audit services were rendered, the audit committee of the registrant's board of trustees did not consider 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>**

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

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

![](fis_logo.jpg)

**Annual Financial Statements and** 

**Additional Information** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
| FIS Bright Portfolios Focused Equity ETF | \| BRIF | \| NYSE Arca, Inc.  |
| FIS Christian Stock Fund | \| PRAY | \| NYSE Arca, Inc.  |
| FIS Knights of Columbus Global Belief ETF | \| KOCG | \| NYSE Arca, Inc. |

---

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page**  |
| [Schedules of Investments ](#tsoi1) |  |
| &nbsp;&nbsp;&nbsp; [FIS Bright Portfolios Focused Equity ETF](#tsoi1) | [1](#tsoi1) |
| &nbsp;&nbsp;&nbsp; [FIS Christian Stock Fund](#tsoi2) | [3](#tsoi2) |
| &nbsp;&nbsp;&nbsp; [FIS Knights of Columbus Global Belief ETF](#tsoi3) | [5](#tsoi3) |
| [Statements of Assets and Liabilities](#tsal) | [7](#tsal) |
| [Statements of Operations](#tsop) | [8](#tsop) |
| [Statements of Changes in Net Assets](#tscna) | [9](#tscna) |
| [Financial Highlights](#tfihi1)<br>|  |
| &nbsp;&nbsp;&nbsp; [FIS Bright Portfolios Focused Equity ETF](#tfihi1) | [11](#tfihi1) |
| &nbsp;&nbsp;&nbsp; [FIS Christian Stock Fund](#tfihi2) | [12](#tfihi2) |
| &nbsp;&nbsp;&nbsp; [FIS Knights of Columbus Global Belief ETF](#tfihi3) | [13](#tfihi3) |
| [Notes to Financial Statements](#tnotes) | [14](#tnotes) |
| [Report of Independent Registered Public Accounting Firm](#treport) | [21](#treport) |
| [Other Non-Audited Information](#tother) | [22](#tother) |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#item8) | [23](#item8) |
| [Proxy Disclosures for Open-End Management Investment Companies](#item9) | [24](#item9) |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#item10) | [25](#item10) |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#item11) | [26](#item11) |

---

------

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

**FIS Bright Portfolios Focused Equity ETF** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** | **COMMON STOCKS - 95.9%** |
| **Automobiles - 2.2%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 5354 | $1854947  |
| **Beverages - 2.3%**<br>|  |  |
| Coca-Cola Consolidated, Inc. | 17240 | 1976566  |
| **Biotechnology - 8.7%**<br>|  |  |
| AbbVie, Inc. | 14617 | 2720370  |
| Amgen, Inc. | 5877 | 1693634  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 6622 | 2927255  |
|  |  | 7341259  |
| **Capital Markets - 2.6%**<br>|  |  |
| Moody's Corp. | 2310 | 1107229  |
| S&P Global, Inc. | 2098 | 1075980  |
|  |  | 2183209  |
| **Chemicals - 6.8%**<br>|  |  |
| DuPont de Nemours, Inc. | 37769 | 2522969  |
| Linde PLC | 6900 | 3226302  |
|  |  | 5749271  |
| **Commercial Services & Supplies - 1.3%** | **Commercial Services & Supplies - 1.3%** | **Commercial Services & Supplies - 1.3%** |
| Waste Management, Inc. | 4608 | 1110390  |
| **Communications Equipment - 8.9%** | **Communications Equipment - 8.9%** | **Communications Equipment - 8.9%** |
| Arista Networks, Inc.<sup>(a)</sup> | 39673 | 3437269  |
| Cisco Systems, Inc. | 64594 | 4072006  |
|  |  | 7509275  |
| **Electric Utilities - 0.8%**<br>|  |  |
| NRG Energy, Inc. | 4225 | 658677  |
| **Electrical Equipment - 1.6%**<br>|  |  |
| Eaton Corp. PLC | 4358 | 1395432  |
| **Ground Transportation - 2.4%**<br>|  |  |
| Uber Technologies, Inc.<sup>(a)</sup> | 24376 | 2051484  |
| **Health Care Equipment & Supplies - 3.8%** | **Health Care Equipment & Supplies - 3.8%** | **Health Care Equipment & Supplies - 3.8%** |
| Abbott Laboratories | 15646 | 2089993  |
| Stryker Corp. | 2845 | 1088611  |
|  |  | 3178604  |
| **Health Care Providers & Services - 1.2%** | **Health Care Providers & Services - 1.2%** | **Health Care Providers & Services - 1.2%** |
| DaVita, Inc.<sup>(a)</sup> | 7644 | 1041571  |
|  **Independent Power and Renewable Electricity Producers - 0.6%**<br>|  |  |
| Vistra Corp. | 3172 | 509328  |
| **Insurance - 5.8%**<br>|  |  |
| Allstate Corp. | 5350 | 1122804  |
| Chubb Ltd. | 3804 | 1130549  |
| Travelers Cos., Inc. | 4028 | 1110520  |
| W.R. Berkley Corp. | 21676 | 1618980  |
|  |  | 4982853  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Machinery - 5.9%**<br>|  |  |
| Caterpillar, Inc. | 6369 | $2216603  |
| Cummins, Inc. | 5206 | 1673625  |
| Illinois Tool Works, Inc. | 4437 | 1087420  |
|  |  | 4977648  |
| **Metals & Mining - 2.3%**<br>|  |  |
| Freeport-McMoRan, Inc. | 13133 | 505358  |
| Nucor Corp. | 12798 | 1399589  |
|  |  | 1904947  |
| **Oil, Gas & Consumable Fuels - 2.4%**<br>|  |  |
| EOG Resources, Inc. | 9724 | 1055735  |
| Exxon Mobil Corp. | 10108 | 1034048  |
|  |  | 2089783  |
| **Pharmaceuticals - 2.5%**<br>|  |  |
| Eli Lilly & Co. | 2888 | 2130391  |
|  **Semiconductors & Semiconductor Equipment - 13.9%**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 10838 | 1200092  |
| Broadcom, Inc. | 20165 | 4881342  |
| NVIDIA Corp. | 41803 | 5648839  |
|  |  | 11730273  |
| **Software - 15.1%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 5407 | 2244392  |
| Oracle Corp. | 18641 | 3085645  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 20653 | 3974050  |
| Salesforce, Inc. | 9286 | 2464226  |
| ServiceNow, Inc.<sup>(a)</sup> | 1098 | 1110177  |
|  |  | 12878490  |
| **Specialty Retail - 4.8%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 1115 | 1524762  |
| TJX Cos., Inc. | 19826 | 2515919  |
|  |  | 4040681  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $77,890,545)** |  | 81295079  |
| **SHORT-TERM INVESTMENTS - 4.0%** | **SHORT-TERM INVESTMENTS - 4.0%** | **SHORT-TERM INVESTMENTS - 4.0%** |
| **Money Market Funds - 4.0%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.23%<sup>(b)</sup> | 3375919 | 3375919  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $3,375,919)** |  | 3375919  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.9%** <br>**(Cost $81,266,464)** |  | $84670998  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.1% |  | 55475  |
| **TOTAL NET ASSETS - 100.0%** |  | $84726473 |

---

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

1<br>

------

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

**FIS Bright Portfolios Focused Equity ETF** 

**Schedule of Investments** 

**May 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.

PLC - Public Limited Company

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

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

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

2<br>

------

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

**FIS Christian Stock Fund** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 90.6%**<br>|  |  |
| **Aerospace & Defense - 1.2%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 500 | $375180  |
| Huntington Ingalls Industries, Inc. | 1898 | 423368  |
|  |  | 798548  |
| **Automobiles - 0.1%**<br>|  |  |
| Dr. Ing. h.c.F. Porsche AG - ADR | 11419 | 54469  |
| **Banks - 2.2%**<br>|  |  |
| Danske Bank AS - ADR | 38372 | 734824  |
|  Sumitomo Mitsui Financial Group, Inc. - ADR | 50928 | 784800  |
|  |  | 1519624  |
| **Biotechnology - 0.2%**<br>|  |  |
| BioMarin Pharmaceutical, Inc.<sup>(a)</sup> | 2834 | 164570  |
| **Capital Markets - 2.9%**<br>|  |  |
| Blue Owl Capital, Inc. - Class A | 37853 | 707094  |
| Intercontinental Exchange, Inc. | 7261 | 1305528  |
|  |  | 2012622  |
| **Commercial Services & Supplies - 4.3%**<br>|  |  |
| GFL Environmental, Inc. | 38053 | 1919013  |
| Republic Services, Inc. | 4099 | 1054631  |
|  |  | 2973644  |
| **Construction Materials - 2.8%**<br>|  |  |
| Holcim AG | 85910 | 1901188  |
| **Consumer Staples Distribution & Retail - 5.3%** | **Consumer Staples Distribution & Retail - 5.3%** | **Consumer Staples Distribution & Retail - 5.3%** |
| Casey's General Stores, Inc. | 4640 | 2031206  |
| Costco Wholesale Corp. | 1230 | 1279422  |
| Sprouts Farmers Market, Inc.<sup>(a)</sup> | 2000 | 345720  |
|  |  | 3656348  |
| **Containers & Packaging - 1.5%**<br>|  |  |
| Graphic Packaging Holding Co. | 46400 | 1031008  |
| **Diversified Consumer Services - 1.4%**<br>|  |  |
| Grand Canyon Education, Inc.<sup>(a)</sup> | 4901 | 969638  |
| **Diversified Telecommunication Services - 0.6%** | **Diversified Telecommunication Services - 0.6%** | **Diversified Telecommunication Services - 0.6%** |
| Cellnex Telecom SA - ADR | 22969 | 439856  |
| **Electric Utilities - 1.8%**<br>|  |  |
| American Electric Power Co., Inc. | 7279 | 753304  |
| NextEra Energy, Inc. | 7000 | 494480  |
|  |  | 1247784  |
|  **Electronic Equipment, Instruments & Components - 0.8%**<br>|  |  |
| Trimble, Inc.<sup>(a)</sup> | 8135 | 579781  |
| **Energy Equipment & Services - 3.4%**<br>|  |  |
| SBM Offshore NV | 66901 | 1535702  |
| Tenaris SA - ADR | 23689 | 792397  |
|  |  | 2328099  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Financial Services - 2.8%**<br>|  |  |
| Corpay, Inc.<sup>(a)</sup> | 2607 | $847562  |
| Equitable Holdings, Inc. | 20428 | 1080028  |
|  |  | 1927590  |
| **Food Products - 1.0%**<br>|  |  |
| Bunge Global SA | 8597 | 671856  |
| **Ground Transportation - 1.9%**<br>|  |  |
| Canadian Pacific Kansas City Ltd. | 8120 | 662998  |
| Old Dominion Freight Line, Inc. | 3842 | 615373  |
|  |  | 1278371  |
| **Health Care Equipment & Supplies - 5.1%** | **Health Care Equipment & Supplies - 5.1%** | **Health Care Equipment & Supplies - 5.1%** |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 7656 | 598852  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 3978 | 2197209  |
| Stryker Corp. | 1898 | 726251  |
|  |  | 3522312  |
| **Health Care Providers & Services - 3.7%** | **Health Care Providers & Services - 3.7%** | **Health Care Providers & Services - 3.7%** |
| Chemed Corp. | 2088 | 1200266  |
| HCA Healthcare, Inc. | 3540 | 1350121  |
|  |  | 2550387  |
| **Hotels, Restaurants & Leisure - 1.2%**<br>|  |  |
| Domino's Pizza, Inc. | 1679 | 795544  |
| **Household Durables - 3.3%**<br>|  |  |
| Lennar Corp. - Class A | 7030 | 745742  |
| Toll Brothers, Inc. | 14258 | 1486397  |
|  |  | 2232139  |
| **Insurance - 5.0%**<br>|  |  |
| Aflac, Inc. | 8860 | 917364  |
| AIA Group Ltd. - ADR | 23241 | 772996  |
| Everest Re Group Ltd. | 2141 | 743334  |
| Progressive Corp. | 3500 | 997255  |
|  |  | 3430949  |
| **IT Services - 1.2%**<br>|  |  |
|  Cognizant Technology Solutions Corp. - Class A | 9790 | 792892  |
| **Life Sciences Tools & Services - 0.9%**<br>|  |  |
| Danaher Corp. | 3323 | 631038  |
| **Machinery - 4.0%**<br>|  |  |
| Caterpillar, Inc. | 1761 | 612881  |
| Deere & Co. | 1761 | 891524  |
| Oshkosh Corp. | 4599 | 456174  |
| Parker-Hannifin Corp. | 1180 | 784346  |
|  |  | 2744925  |
| **Media - 0.9%**<br>|  |  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 8500 | 639370  |
| **Metals & Mining - 0.8%**<br>|  |  |
| Freeport-McMoRan, Inc. | 14010 | 539105  |

---

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

3<br>

------

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

**FIS Christian Stock Fund** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** | **COMMON STOCKS - (Continued)** |
| **Multi-Utilities - 1.5%**<br>|  |  |
| Engie SA - ADR | 47579 | $1031037  |
| **Oil, Gas & Consumable Fuels - 1.6%**<br>|  |  |
| ConocoPhillips | 6348 | 541802  |
| EOG Resources, Inc. | 4880 | 529821  |
|  |  | 1071623  |
| **Pharmaceuticals - 1.2%**<br>|  |  |
| Zoetis, Inc. | 4886 | 823926  |
| **Professional Services - 0.9%**<br>|  |  |
| FTI Consulting, Inc.<sup>(a)</sup> | 3627 | 595408  |
|  **Semiconductors & Semiconductor Equipment - 6.6%**<br>|  |  |
| Broadcom, Inc. | 4836 | 1170650  |
| NVIDIA Corp. | 25098 | 3391493  |
|  |  | 4562143  |
| **Software - 9.8%**<br>|  |  |
|  Check Point Software Technologies Ltd.<sup>(a)</sup> | 6265 | 1433933  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 5363 | 632191  |
| Manhattan Associates, Inc.<sup>(a)</sup> | 2600 | 490828  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 1300 | 171314  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 12148 | 2337518  |
| ServiceNow, Inc.<sup>(a)</sup> | 1632 | 1650099  |
|  |  | 6715883  |
| **Specialty Retail - 4.1%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 745 | 1018787  |
| Tractor Supply Co. | 18252 | 883397  |
| Valvoline, Inc.<sup>(a)</sup> | 27186 | 940364  |
|  |  | 2842548  |
|  **Technology Hardware, Storage & Peripherals - 2.3%**<br>|  |  |
| FUJIFILM Holdings Corp. – ADR<sup>(a)</sup> | 73251 | 825539  |
| NetApp, Inc. | 7894 | 782769  |
|  |  | 1608308  |
| **Trading Companies & Distributors - 1.5%** | **Trading Companies & Distributors - 1.5%** | **Trading Companies & Distributors - 1.5%** |
| United Rentals, Inc. | 1436 | 1017234  |
| **Wireless Telecommunication Services - 0.8%** | **Wireless Telecommunication Services - 0.8%** | **Wireless Telecommunication Services - 0.8%** |
| Tele2 AB - Class B | 38280 | 571712  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $49,763,384)** |  | 62273479  |
| **REAL ESTATE INVESTMENT TRUSTS - 1.8%** | **REAL ESTATE INVESTMENT TRUSTS - 1.8%** | **REAL ESTATE INVESTMENT TRUSTS - 1.8%** |
| American Tower Corp. | 2784 | 597586  |
| Millrose Properties, Inc. – Class A | 3485 | 97127  |
| Welltower, Inc. | 3500 | 539980  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $1,137,788)** |  | 1234693  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS - 7.1%** | **SHORT-TERM INVESTMENTS - 7.1%** | **SHORT-TERM INVESTMENTS - 7.1%** |
| **Money Market Funds - 7.1%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.23%<sup>(b)</sup> | 4861726 | $4861726  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $4,861,726)** |  | 4861726  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.5%** <br>**(Cost $55,762,898)** |  | $68369898  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.5% |  | 350055  |
| **TOTAL NET ASSETS - 100.0%** |  | $68719953 |

---

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

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

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

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

4<br>

------

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

**FIS Knights of Columbus Global Belief ETF** 

**Schedule of Investments** 

**May 31, 2025** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 94.0%**<br>|  |  |
| **Automobiles - 2.6%**<br>|  |  |
| General Motors Co. | 6316 | $313337  |
| Honda Motor Co. Ltd. | 17860 | 181701  |
| Tesla, Inc.<sup>(a)</sup> | 694 | 240443  |
|  |  | 735481  |
| **Banks - 9.0%**<br>|  |  |
| BNP Paribas SA | 2975 | 260531  |
| CaixaBank SA | 29491 | 250697  |
| Citizens Financial Group, Inc. | 5264 | 212403  |
| ICICI Bank Ltd. - ADR | 9042 | 309598  |
| JPMorgan Chase & Co. | 1982 | 523248  |
| KB Financial Group, Inc. - ADR | 4512 | 337272  |
| Lloyds Banking Group PLC | 340878 | 354880  |
| United Overseas Bank Ltd. | 10810 | 296822  |
|  |  | 2545451  |
| **Broadline Retail - 2.3%**<br>|  |  |
| Dollarama, Inc. | 2410 | 309368  |
| MercadoLibre, Inc.<sup>(a)</sup> | 129 | 330664  |
|  |  | 640032  |
| **Capital Markets - 1.3%**<br>|  |  |
| Goldman Sachs Group, Inc. | 622 | 373480  |
| **Chemicals - 1.8%**<br>|  |  |
| Linde PLC | 585 | 273534  |
| Nutrien Ltd. | 3943 | 232517  |
|  |  | 506051  |
| **Commercial Services & Supplies - 0.7%**<br>|  |  |
| Copart, Inc.<sup>(a)</sup> | 4034 | 207670  |
| **Communications Equipment - 0.8%**<br>|  |  |
| Motorola Solutions, Inc. | 559 | 232197  |
| **Construction & Engineering - 2.0%**<br>|  |  |
| EMCOR Group, Inc. | 567 | 267545  |
| Quanta Services, Inc. | 829 | 283982  |
|  |  | 551527  |
| **Construction Materials - 0.8%**<br>|  |  |
| CRH PLC | 2614 | 235970  |
| **Consumer Finance - 1.5%**<br>|  |  |
| American Express Co. | 1430 | 420492  |
| **Consumer Staples Distribution & Retail - 1.2%** | **Consumer Staples Distribution & Retail - 1.2%** | **Consumer Staples Distribution & Retail - 1.2%** |
| BJ's Wholesale Club Holdings, Inc.<sup>(a)</sup> | 2853 | 322988  |
| **Diversified Telecommunication Services - 1.2%** | **Diversified Telecommunication Services - 1.2%** | **Diversified Telecommunication Services - 1.2%** |
| Deutsche Telekom AG | 9292 | 351063  |
| **Electric Utilities - 1.1%**<br>|  |  |
| Entergy Corp. | 3842 | 319962  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Electrical Equipment - 1.0%**<br>|  |  |
| Schneider Electric SE | 1134 | $284961  |
| **Energy Equipment & Services - 0.7%**<br>|  |  |
| Baker Hughes Co. | 4996 | 185102  |
| **Entertainment - 2.5%**<br>|  |  |
| Netflix, Inc.<sup>(a)</sup> | 364 | 439432  |
| Walt Disney Co. | 2311 | 261235  |
|  |  | 700667  |
| **Financial Services - 3.7%**<br>|  |  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 1019 | 513535  |
| Visa, Inc. - Class A | 1410 | 514918  |
|  |  | 1028453  |
| **Food Products - 2.0%**<br>|  |  |
| General Mills, Inc. | 3400 | 184484  |
| Mondelez International, Inc. - Class A | 3491 | 235607  |
| The Campbell's Co. | 4518 | 153793  |
|  |  | 573884  |
| **Health Care Equipment & Supplies - 3.3%** | **Health Care Equipment & Supplies - 3.3%** | **Health Care Equipment & Supplies - 3.3%** |
| Hoya Corp. | 1694 | 200928  |
| Insulet Corp.<sup>(a)</sup> | 675 | 219395  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 612 | 338032  |
| Medtronic PLC | 2110 | 175088  |
|  |  | 933443  |
| **Health Care Providers & Services - 2.9%** | **Health Care Providers & Services - 2.9%** | **Health Care Providers & Services - 2.9%** |
| Cencora, Inc. | 1309 | 381233  |
| DaVita, Inc.<sup>(a)</sup> | 1387 | 188993  |
| Quest Diagnostics, Inc. | 1485 | 257410  |
|  |  | 827636  |
| **Hotels, Restaurants & Leisure - 1.8%**<br>|  |  |
| Darden Restaurants, Inc. | 1316 | 281900  |
| InterContinental Hotels Group PLC | 1992 | 228175  |
|  |  | 510075  |
| **Industrial Conglomerates - 2.3%**<br>|  |  |
| 3M Co. | 2296 | 340611  |
| Siemens AG | 1320 | 317390  |
|  |  | 658001  |
| **Insurance - 3.9%**<br>|  |  |
| American International Group, Inc. | 3119 | 263992  |
| Hartford Insurance Group, Inc. | 2608 | 338623  |
| Manulife Financial Corp. | 9294 | 295391  |
| Mapfre SA | 51858 | 196397  |
|  |  | 1094403  |
| **Interactive Media & Services - 6.5%**<br>|  |  |
| Alphabet, Inc. - Class A | 4340 | 745352  |
| Meta Platforms, Inc. - Class A | 1103 | 714181  |
| Tencent Holdings Ltd. | 5777 | 367032  |
|  |  | 1826565  |

---

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

5<br>

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

**FIS Knights of Columbus Global Belief ETF** 

**Schedule of Investments** 

**May 31, 2025(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  | **COMMON STOCKS - (Continued)**  |
| **IT Services - 0.8%**<br>|  |  |
| Infosys Ltd. - ADR | 11818 | $214969  |
| **Machinery - 0.9%**<br>|  |  |
| Caterpillar, Inc. | 738 | 256846  |
| **Multi-Utilities - 0.9%**<br>|  |  |
| Veolia Environnement SA | 7459 | 256407  |
| **Oil, Gas & Consumable Fuels - 3.1%**<br>|  |  |
| Canadian Natural Resources Ltd. | 7362 | 223117  |
| Cheniere Energy, Inc. | 1142 | 270643  |
| ConocoPhillips | 2038 | 173943  |
| Shell PLC | 6018 | 198790  |
|  |  | 866493  |
| **Passenger Airlines - 0.9%**<br>|  |  |
| Copa Holdings SA - Class A | 2232 | 240565  |
| **Personal Care Products - 1.2%**<br>|  |  |
| Unilever PLC | 5312 | 337185  |
| **Pharmaceuticals - 1.8%**<br>|  |  |
| Ipsen SA | 2186 | 257349  |
| Zoetis, Inc. | 1426 | 240466  |
|  |  | 497815  |
|  **Real Estate Management & Development - 0.8%**<br>|  |  |
| Mitsui Fudosan Co. Ltd. | 23858 | 229825  |
|  **Semiconductors & Semiconductor Equipment - 9.4%**<br>|  |  |
| ASML Holding NV | 306 | 227157  |
| Broadcom, Inc. | 3014 | 729599  |
| NVIDIA Corp. | 9174 | 1239683  |
|  Taiwan Semiconductor Manufacturing Co. Ltd. - ADR | 2280 | 440769  |
|  |  | 2637208  |
| **Software - 8.6%**<br>|  |  |
| Microsoft Corp. | 3040 | 1399494  |
| Salesforce, Inc. | 997 | 264574  |
| SAP SE | 1235 | 372802  |
| ServiceNow, Inc.<sup>(a)</sup> | 376 | 380170  |
|  |  | 2417040  |
| **Specialty Retail - 1.9%**<br>|  |  |
| TJX Cos., Inc. | 2745 | 348340  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 410 | 193299  |
|  |  | 541639  |
|  **Technology Hardware, Storage & Peripherals - 4.3%**<br>|  |  |
| Apple, Inc. | 4868 | 977738  |
| Xiaomi Corp. - Class B<sup>(a)(b)</sup> | 36870 | 239560  |
|  |  | 1217298  |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **Textiles, Apparel & Luxury Goods - 1.5%** | **Textiles, Apparel & Luxury Goods - 1.5%** | **Textiles, Apparel & Luxury Goods - 1.5%** |
| adidas AG | 1052 | $262146  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 1476 | 155748  |
|  |  | 417894  |
| **Trading Companies & Distributors - 1.0%** | **Trading Companies & Distributors - 1.0%** | **Trading Companies & Distributors - 1.0%** |
| ITOCHU Corp. | 5280 | 283220  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $18,518,406)** |  | 26479958  |
| **REAL ESTATE INVESTMENT TRUSTS - 0.9%** | **REAL ESTATE INVESTMENT TRUSTS - 0.9%** | **REAL ESTATE INVESTMENT TRUSTS - 0.9%** |
| Simon Property Group, Inc. | 1501 | 244768  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS** <br>**(Cost $276,545)** |  | 244768  |
| **PREFERRED STOCKS - 0.7%**<br>|  |  |
| **Household Products - 0.7%**<br>|  |  |
| Henkel AG & Co. KGaA, 0.00% | 2554 | 204353  |
| &nbsp;&nbsp;&nbsp; **TOTAL PREFERRED STOCKS** <br>**(Cost $235,411)** |  | 204353  |
| **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** | **SHORT-TERM INVESTMENTS - 4.2%** |
| **Money Market Funds - 4.2%**<br>|  |  |
|  First American Treasury Obligations Fund - Class X, 4.23%<sup>(c)</sup> | 1180866 | 1180866  |
| &nbsp;&nbsp;&nbsp; **TOTAL SHORT-TERM INVESTMENTS** <br>**(Cost $1,180,866)** |  | 1180866  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 99.8%** <br>**(Cost $20,211,228)** |  | $28109945  |
| &nbsp;&nbsp;&nbsp; Other Assets in Excess of <br>Liabilities - 0.2% |  | 63867  |
| **TOTAL NET ASSETS - 100.0%** |  | $28173812 |

---

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> Security is exempt from registration pursuant to Rule 144A under the Securities Act of 1933, as amended. These securities may only be resold in transactions exempt from registration to qualified institutional investors. As of May 31, 2025, the value of these securities total $239,560 or 0.9% of the Fund's net assets.

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

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

6<br>

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

**Statements of Assets and Liabilities** 

**May 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **FIS Bright** <br>**Portfolios Focused** <br>**Equity ETF** | **FIS** <br>**Christian** <br>**Stock Fund** | **FIS Knights of** <br>**Columbus Global** <br>**Belief ETF**  |
| **ASSETS:**<br>|  |  |  |
| Investments, at value | &nbsp;&nbsp; $84670998 | $68369898 | &nbsp;&nbsp; $28109945  |
| Foreign currency, at value | &nbsp;&nbsp; — | 217687 | &nbsp;&nbsp; —  |
| Receivable for fund shares sold | &nbsp;&nbsp; 258944 |  | &nbsp;&nbsp; —  |
| Dividends receivable | &nbsp;&nbsp; 78522 | 128643 | &nbsp;&nbsp; 40597  |
| Interest receivable | &nbsp;&nbsp; 12502 | 17013 | &nbsp;&nbsp; 3936  |
| Dividend tax reclaims receivable | &nbsp;&nbsp; — | 25748 | &nbsp;&nbsp; 36927  |
| &nbsp;&nbsp;&nbsp; **Total assets** | &nbsp;&nbsp; 85020966 | 68758989 | &nbsp;&nbsp; 28191405  |
| **LIABILITIES:**<br>|  |  |  |
| Payable to adviser | &nbsp;&nbsp; 45975 | 39036 | &nbsp;&nbsp; 17589  |
| Payable for investments purchased | &nbsp;&nbsp; 248518 |  | &nbsp;&nbsp; 4  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | &nbsp;&nbsp; 294493 | 39036 | &nbsp;&nbsp; 17593  |
| **NET ASSETS** | &nbsp;&nbsp; $84726473 | $68719953 | &nbsp;&nbsp; $28173812  |
| **NET ASSETS CONSISTS OF:**<br>|  |  |  |
| Paid-in capital | &nbsp;&nbsp; $82399568 | $59566522 | &nbsp;&nbsp; $23584668  |
| Total distributable earnings | &nbsp;&nbsp; 2326905 | 9153431 | &nbsp;&nbsp; 4589144  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | &nbsp;&nbsp; $84726473 | $68719953 | &nbsp;&nbsp; $28173812  |
| Net assets | &nbsp;&nbsp; $84726473 | $68719953 | &nbsp;&nbsp; $28173812  |
| Shares issued and outstanding<sup>(a)</sup> | &nbsp;&nbsp; 3272000 | 2320000 | &nbsp;&nbsp; 940000  |
| Net asset value per share | &nbsp;&nbsp; $25.89 | $29.62 | &nbsp;&nbsp; $29.97  |
| **COST:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | &nbsp;&nbsp; $81266464 | $55762898 | &nbsp;&nbsp; $20211228  |
| &nbsp;&nbsp;&nbsp; Foreign currency, at cost | &nbsp;&nbsp; $— | $208218 | &nbsp;&nbsp; $— |

---

<sup>(a)</sup>

Unlimited shares authorized without par value.

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

7<br>

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

**Statements of Operations** 

**For the Year or Period Ended May 31, 2025** 

---

| | | | |
|:---|:---|:---|:---|
|  | **FIS Bright** <br>**Portfolios Focused** <br>**Equity ETF<sup>(a)</sup>** | **FIS** <br>**Christian** <br>**Stock Fund** | **FIS Knights of** <br>**Columbus Global** <br>**Belief ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |
| Dividend income | &nbsp;&nbsp; $409344 | $817545 | &nbsp;&nbsp;&nbsp; $413150  |
| Interest income | &nbsp;&nbsp; 51404 | 204744 | &nbsp;&nbsp;&nbsp; 33678  |
| Dividend withholding taxes | &nbsp;&nbsp; (913) | (39086) | &nbsp;&nbsp;&nbsp; (26839)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp; 459835 | 983203 | &nbsp;&nbsp;&nbsp; 419989  |
| **EXPENSES:**<br>|  |  |  |
| Investment advisory fee | &nbsp;&nbsp; 210763 | 424497 | &nbsp;&nbsp;&nbsp; 194096  |
| Income tax expense | &nbsp;&nbsp; 222 |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp; 210985 | 424497 | &nbsp;&nbsp;&nbsp; 194096  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp; 248850 | 558706 | &nbsp;&nbsp;&nbsp; 225893  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (1338806) | (815247)  | &nbsp;&nbsp;&nbsp; 235415  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp; 5633234 | 300669 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Foreign currency transactions | &nbsp;&nbsp; — | 689 | &nbsp;&nbsp;&nbsp; (5646)  |
| Net realized gain (loss) | &nbsp;&nbsp; 4294428 | (513889) | &nbsp;&nbsp;&nbsp; 229769  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp; (1903243)<sup>(b)</sup> | 4987496 | &nbsp;&nbsp;&nbsp; 3616456  |
| &nbsp;&nbsp;&nbsp; Foreign currency translation | &nbsp;&nbsp; — | 9678 | &nbsp;&nbsp;&nbsp; 2730  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; (1903243) | 4997174 | &nbsp;&nbsp;&nbsp; 3619186  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp; 2391185 | 4483285 | &nbsp;&nbsp;&nbsp; 3848955  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp; $2640035 | $5041991 | &nbsp;&nbsp;&nbsp; $4074848 |

---

<sup>(a)</sup> The Fund commenced investment operations on December 20, 2024.

<sup>(b)</sup> See Note 11 in Notes to Financial Statements.

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

8<br>

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

**Statements of Changes in Net Assets** 

---

| | | | |
|:---|:---|:---|:---|
|  | **FIS Bright** <br>**Portfolios Focused** <br>**Equity ETF** | **FIS Christian Stock Fund**  | **FIS Christian Stock Fund**  |
|  | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  | **2025** | **2024**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $248850 | $558706 | $403595  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 4294428 | (513889) | (350055)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (1903243) | 4997174 | 7128280  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 2640035 | 5041991 | 7181820  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings | (7759) | (477653) | (293011)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (7759) | (477653) | (293011)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 117269463<sup>(b)</sup> | 11507937 | 23931108  |
| &nbsp;&nbsp;&nbsp; Redemptions | (35175266) | (889767) | —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 82094197 | 10618170 | 23931108  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 84726473 | 15182508 | 30819917  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period |  | 53537445 | 22717528  |
| &nbsp;&nbsp;&nbsp; End of the period | $84726473 | $68719953 | $53537445  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 4662000 | 390000 | 950000  |
| &nbsp;&nbsp;&nbsp; Redemptions | (1390000) | (30000) | —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 3272000 | 360000 | 950000 |

---

<sup>(a)</sup>

Inception date of the Fund was December 20, 2024.

<sup>(b)</sup>

See Note 11 in Notes to Financial Statements.

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

9<br>

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

**Statements of Changes in Net Assets(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **FIS Knights of Columbus** <br>**Global Belief ETF**  | **FIS Knights of Columbus** <br>**Global Belief ETF**  |
|  | **Year Ended May 31,**  | **Year Ended May 31,**  |
|  | **2025** | **2024** |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $225893 | $267623  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 229769 | (421685)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 3619186 | 4633454  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 4074848 | 4479392  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From distributable earnings | (252140) | (322880)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (252140) | (322880)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 590932 | 674262  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 590932 | 674262  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 4413640 | 4830774  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the year | 23760172 | 18929398  |
| &nbsp;&nbsp;&nbsp; End of the year | $28173812 | $23760172  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Subscriptions | 20000 | 30000  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 20000 | 30000 |

---

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

10<br>

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

**FIS Bright Portfolios Focused Equity ETF** 

**Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.09  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.81  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;0.90  |
| **LESS DISTRIBUTIONS FROM:** |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (0.01)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $25.89  |
| TOTAL RETURN<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $84726  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.65%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.77%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 34% |

---

<sup>(a)</sup> Inception date of the Fund was December 20, 2024.

<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.

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

11<br>

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

**FIS Christian Stock Fund** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023**  | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $27.32 | $22.49 | $23.29 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.26 | 0.28 | 0.26 | &nbsp;&nbsp;&nbsp;&nbsp;0.16  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 2.26 | 4.76 | (0.80) | &nbsp;&nbsp;&nbsp; (1.88)  |
| **Total from investment operations** | 2.52 | 5.04 | (0.54) | &nbsp;&nbsp;&nbsp; (1.72)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.22) | (0.21) | (0.26) | &nbsp;&nbsp;&nbsp; —  |
| **Total distributions** | (0.22) | (0.21) | (0.26) | &nbsp;&nbsp;&nbsp; —  |
| ETF transaction fees per share |  | 0.00<sup>(</sup><sup>d</sup><sup>)</sup> |  | &nbsp;&nbsp;&nbsp;&nbsp;0.01  |
| **Net asset value, end of period** | $29.62 | $27.32 | $22.49 | &nbsp;&nbsp;&nbsp; $23.29  |
| TOTAL RETURN<sup>(e)</sup> | 9.23% | 22.45% | -2.29% | &nbsp;&nbsp;&nbsp; -6.82%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $68720 | $53537 | $22718 | &nbsp;&nbsp;&nbsp; $24460  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.68% | 0.68% | 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.90% | 1.09% | 1.18% | &nbsp;&nbsp;&nbsp; 2.14%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 19% | 26% | 27% | &nbsp;&nbsp;&nbsp; 14% |

---

<sup>(a)</sup> Inception date of the Fund was February 8, 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> 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.

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

12<br>

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

**FIS Knights of Columbus Global Belief ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year Ended May 31,** | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
|  | **2025** | **2024** | **2023**  | **Period Ended** <br>**May 31, 2022<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $25.83 | $21.27 | $22.15 | &nbsp;&nbsp;&nbsp; $25.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.24 | 0.30 | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.31  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 4.17 | 4.61 | (0.92) | &nbsp;&nbsp;&nbsp; (3.09)  |
| **Total from investment operations** | 4.41 | 4.91 | (0.48) | &nbsp;&nbsp;&nbsp; (2.78)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (0.27) | (0.35) | (0.40) | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Total distributions** | (0.27) | (0.35) | (0.40) | &nbsp;&nbsp;&nbsp; (0.07)  |
| **Net asset value, end of period** | $29.97 | $25.83 | $21.27 | &nbsp;&nbsp;&nbsp; $22.15  |
| TOTAL RETURN<sup>(d)</sup> | 17.16% | 23.26% | -2.06% | &nbsp;&nbsp;&nbsp; -11.16%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $28174 | $23760 | $18929 | &nbsp;&nbsp;&nbsp; $20819  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.75% | 0.75% | 0.75% | &nbsp;&nbsp;&nbsp; 0.75%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.88% | 1.27% | 2.15% | &nbsp;&nbsp;&nbsp; 1.44%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 16% | 37% | 39% | &nbsp;&nbsp;&nbsp; 35% |

---

<sup>(a)</sup> Inception date of the Fund was July 14, 2021.

<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.

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

13<br>

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

**Notes to Financial Statements** 

**May 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 fourteen operational exchange-traded funds ("ETFs"), three of which are presented herein, FIS Bright Portfolios Focused Equity ETF (the "Bright Portfolios ETF"), FIS Christian Stock Fund (the "Christian Stock Fund"), and FIS Knights of Columbus Global Belief ETF (the "Knights of Columbus ETF") (collectively, the "Funds" or individually, a "Fund"). These financial statements relate only to the Funds. The Funds are each a diversified series of the Trust. The investment objective of the Bright Portfolios ETF is to seek long term capital appreciation; the investment objective of the Christian Stock Fund is to seek long-term growth of capital and income and the investment objective of the Knights of Columbus ETF is to seek income and long-term growth of capital.

Faith Investor Services, LLC (the "Adviser") is the investment adviser to each Fund.

Bright Portfolios, LLC acts as the sub-adviser to the Bright Portfolios ETF.

Vident Asset Management acts as the trading sub-adviser responsible for trading portfolio securities for the Bright Portfolios ETF.

Capital Insight Partners, LLC acts as the sub-adviser to the Christian Stock Fund.

Knights of Columbus Asset Advisors LLC acts as the sub-adviser to the Knights of Columbus ETF.

**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 ("US 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., Eastern Time. NAV per share is computed by
 dividing the net assets of each Fund by each Fund's number of shares outstanding.

When calculating the NAV of each Fund's shares, securities held by the Funds are valued at market quotations when reliable market quotations are readily available. Exchange traded securities and instruments (including equity securities, depositary receipts and ETFs) are generally valued at the last reported sale price on the principal exchange on which such securities are traded (at the NASDAQ Official Closing Price for NASDAQ listed securities), as of the close of regular trading on the NYSE on the day the securities are being valued or, if there are no sales, at the mean of the most recent bid and asked prices. Over-the-counter securities and instruments not traded on an exchange are generally valued at the last traded price. Investments in open-end regulated investment companies are valued at NAV. In the absence of a recorded transaction sale price; or if the last sale price is unavailable, securities are valued at the mean between last bid and ask, as quoted. If an ask price is unavailable, the last bid price is used. Such valuations would typically be categorized as Level 1 or Level 2 in the fair value hierarchy described below.

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

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**Notes to Financial Statements** 

**May 31, 2025(Continued)** 

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 May 31, 2025, there were no securities held by the Funds that were internally fair valued and/or valued using a Level 2 or Level 3 valuation.

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 –

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 May 31, 2025:

**FIS Bright Portfolios Focused Equity ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $81295079 | $— | $— | $81295079  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 3375919 |  |  | 3375919  |
| **Total Investments** | $84670998 | $— | $— | $84670998 |

---

**FIS Christian Stock Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $62273479 | $— | $— | $62273479  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 1234693 |  |  | 1234693  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 4861726 |  |  | 4861726  |
| **Total Investments** | $68369898 | $— | $— | $68369898 |

---

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

**Notes to Financial Statements** 

**May 31, 2025(Continued)** 

**FIS Knights of Columbus Global Belief ETF**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets**<br>|  |  |  |  |
| **Investments:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $26479958 | $— | $— | $26479958  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment Trusts | 244768 |  |  | 244768  |
| &nbsp;&nbsp;&nbsp; Preferred Stocks | 204353 |  |  | 204353  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1180866 |  |  | 1180866  |
| **Total Investments** | $28109945 | $— | $— | $28109945 |

---

Refer to the Schedule of Investments for further disaggregation of investment categories.

&nbsp;&nbsp;&nbsp;&nbsp;B. *Foreign Currency Translation*. The books and records of the Funds are maintained in U.S. dollars. The Funds' assets and liabilities in foreign
 currencies are translated into U.S. dollars at the prevailing exchange rate at the valuation date. Transactions denominated in foreign
 currencies are translated into U.S. dollars at the prevailing exchange rate on the date of the transaction. The Funds' income earned
 and expenses incurred in foreign denominated currencies are translated into U.S. dollars at the prevailing exchange rate on the date of
 such activity.

The Funds do not isolate that portion of the results of operations arising from changes in the foreign exchange rates on investments from the fluctuations that result from changes in the market prices of investments held or sold during the period. Accordingly, such foreign currency gains (losses) are included in the reported net realized gain (loss) on investments in securities and net change in unrealized appreciation (depreciation) on investments in securities on the Statements of Operations.

Net realized gains (losses) on foreign currency transactions reported on the Statements of Operations arise from sales of foreign currency, including foreign exchange contracts, net currency gains and losses realized between the trade and settlement dates on securities transactions and the difference in the amounts of dividends and foreign withholding taxes recorded on the Funds' books and the U.S. dollar equivalent of the amounts actually received or paid. Net changes in unrealized appreciation (depreciation) on translation of assets and liabilities denominated in foreign currencies reported on the Statements of Operations arise from changes (due to the changes in the exchange rate) in the value of foreign currency and assets and liabilities (other than investments) denominated in foreign currencies, which are held at year end.

&nbsp;&nbsp;&nbsp;&nbsp;C. *Use of Estimates.* The preparation of the financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities
 at the date of the financial statement. Actual results could differ from those estimates.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Federal Income Taxes.* Each Fund intends to qualify as a regulated investment company ("RIC") under Subchapter M of the Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent each Fund
 distributes substantially all its taxable net investment income and net capital gains to its shareholders. Therefore, no provision for
 federal income tax should be required. Management of the Funds is required to determine whether a tax position taken by the Funds is more
 likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that
 there are no significant uncertain tax positions that would require recognition in the financial statements as of May 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;E. *Distributions to Shareholders.* Each Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends annually. The Funds will distribute net realized capital gains, if any, at least annually. The Funds may distribute such
 income dividends and capital gains more frequently, if necessary, to reduce or eliminate federal excise or income taxes on the Funds.
 The amount of any distribution will vary, and there is no guarantee the Funds will pay either an income dividend or a capital gains distribution.

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**Notes to Financial Statements** 

**May 31, 2025(Continued)** 

&nbsp;&nbsp;&nbsp;&nbsp;F. *Reclassification of Capital Accounts*. U.S. GAAP requires that certain components of net assets relating to permanent differences be reclassified between financial and tax reporting. These reclassifications have no effect on net assets or NAV per share and are
 primarily due to differing book and tax treatments for in-kind redemptions. For the year ended May 31, 2025, the following adjustments
 were made:

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated** <br>**Loss)**  | **Paid-in** <br>**Capital**  |
| Bright Portfolios ETF  | $(5613148)  | $5613148  |
| Christian Stock Fund  | $(300669)  | $300669  |
| Knights of Columbus ETF  | $(32)  | $32 |

---

**NOTE 3 – INVESTMENT ADVISORY AND OTHER AGREEMENTS**

As of May 31, 2025, certain officers of the Trust were affiliated with the Distributor, and received no fees from the Trust for serving as officers.

**Management**

The Adviser acts as each Fund's investment adviser pursuant to an investment advisory agreement with the Trust (the "Investment Advisory Agreement").

Bright Portfolios, LLC acts as the sub-adviser and Vident Asset Management acts as the trading sub-adviser to the Bright Portfolios ETF and Capital Insight Partners, LLC acts as the sub-adviser to the Christian Stock Fund and Knights of Columbus Asset Advisors LLC acts as the sub-adviser to the Knights of Columbus ETF (the "Sub-Advisers") pursuant to investment sub-advisory agreements with the Adviser (the "Sub-Advisory-Agreements").

Under the terms of the Investment Advisory Agreement between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment management services to the Funds and oversees the day-to-day operations of the Funds, subject to the supervision of the Board of Trustees (the "Board") and the officers of the Trust. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services. The Adviser, on behalf of the Funds, has entered into Sub-Advisory Agreements with each of the Sub-Advisers. The Sub-Advisers are responsible for the day-to-day management of their specific Fund's portfolio, subject to the supervision and oversight of the Adviser and the Board. The Adviser oversees the Sub-Advisers for compliance with the Funds' investment objectives, policies, strategies and restrictions. The Board oversees the Adviser and the Sub-Advisers, establishes policies that they must follow in their advisory activities, and oversees the hiring and termination of sub-advisers recommended by the Adviser.

Pursuant to the Investment Advisory Agreement, the Bright Portfolios ETF pays the Adviser a monthly unitary management fee at an annual rate of 0.65%, the Christian Stock Fund pays the Adviser a monthly unitary management fee at an annual rate of 0.68% and the Knights of Columbus ETF pays the Adviser a monthly unitary management fee at the annual rate of 0.75%, based on each Fund's average daily net assets. For the year ended May 31, 2025, Bright Portfolios ETF, Christian Stock Fund and Knights of Columbus ETF incurred $210,763, $424,497 and $194,096, respectively, in management fees.

Pursuant to each Sub-Advisory Agreement, the Adviser compensates the Sub-Advisers out of the management fees it receives from the Funds.

Under the Investment Advisory Agreement, the Adviser pays all operating expenses of the Funds, except for certain expenses, including but not limited to, interest expenses, taxes, brokerage expenses, future Rule 12b-1 fees (if any), acquired fund fees and expenses, and the management fee payable to the Adviser under the Investment Advisory Agreement.

**Distribution 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.

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**Notes to Financial Statements** 

**May 31, 2025(Continued)** 

The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

Foreside Fund Officer Services, LLC, an affiliate of the Distributor, provides the Trust with a Chief Compliance Officer and Principal Financial Officer.

**NOTE 4 – PURCHASES AND SALES OF SECURITIES** 

The costs of purchases and sales of securities, excluding short-term securities and in-kind transactions, during the year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| Bright Portfolios ETF | $45880992 | $24378431  |
| Christian Stock Fund | 12310267 | 11174481 |
| Knights of Columbus ETF | 4040579 | 4782113 |

---

The costs of purchases and sales of in-kind transactions, during the year ended May 31, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**In-Kind** | **Sales** <br>**In-Kind** |
| Bright Portfolios ETF | $86648584 | $34545985 |
| Christian Stock Fund | 10550949 | 826880 |
| Knights of Columbus ETF | 567875 |  |

---

**NOTE 5 – TAX MATTERS** 

The tax character of the distributions paid during the years ended May 31, 2025 and 2024 are as follows:

---

| | | |
|:---|:---|:---|
|  | **Year Ended**<br>**May 31, 2025**<br>**Ordinary Income** | **Year Ended**<br>**May 31, 2024**<br>**Ordinary Income** |
| Bright Portfolios ETF | &nbsp;&nbsp;&nbsp;&nbsp; $7759 | &nbsp;&nbsp;&nbsp;&nbsp; $— |
| Christian Stock Fund | &nbsp;&nbsp;&nbsp;&nbsp; 477653 | &nbsp;&nbsp;&nbsp;&nbsp; 293011 |
| Knights of Columbus ETF | &nbsp;&nbsp;&nbsp;&nbsp; 252140 | &nbsp;&nbsp;&nbsp;&nbsp; 322880 |

---

Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. For the year ended May 31, 2025, the Funds did not have any late year losses nor post October losses. Capital loss carry forwards will retain their character as either short-term or long-term capital losses. At May 31, 2025, the following capital loss carry forwards were available:

---

| | | | |
|:---|:---|:---|:---|
|  | **Indefinite**<br>**Short-Term** | **Indefinite**<br>**Long-Term** | **Total** |
| Bright Portfolios ETF | $443084 | $23271 | $466355 |
| Christian Stock Fund | $1554869 | $2234393 | $3789262 |
| Knights of Columbus ETF | $2032333 | $1409768 | $3442101 |

---

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

**Notes to Financial Statements** 

**May 31, 2025(Continued)** 

As of May 31, 2025, the components of accumulated earnings (losses) for income tax purposes were as follows:

---

| | | | |
|:---|:---|:---|:---|
|  | **Bright** <br>**Portfolios** <br>**ETF** | **Christian** <br>**Stock Fund** | **Knights of**<br>**Columbus ETF** |
| Federal income tax cost of investments | $82119051 | $55773865 | $20212407 |
| Aggregate gross unrealized appreciation | 5997211 | 14672833  | 8379899  |
| Aggregate gross unrealized (depreciation) | (3445264) | (2076800) | (480156)  |
| Net unrealized appreciation (depreciation) | 2551947 | 12596033  | 7899743  |
| Undistributed Ordinary Income | 241313 | 336781  | 131502  |
| Undistributed Long Term Capital Gains |  |  |  |
| Distributable Earnings | 241313 | 336781  | 131502  |
| Accumulated capital and other gain/(loss) | (466355) | (3779383)  | (3442101)  |
| Total distributable earnings (accumulated loss) | 2326905 | 9153431  | 4589144 |

---

**NOTE 6 – SHARE TRANSACTIONS** 

Each Fund currently offers one class of shares, which has no front-end sales loads, no deferred sales charges, and no redemption fees. The standard fixed transaction fees for the Bright Portfolios ETF and the Christian Stock Fund are $500, and for the Knights of Columbus ETF are $1,000, 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 Funds are listed and traded on the NYSE Arca, Inc. (the "Exchange"). Market prices for the Shares may be different from their net asset value ("NAV"). The Funds will issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 10,000 Shares, called "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System ("Clearing Process") of the National Securities Clearing Corporation ("NSCC") or (ii) a participant in the Depository Trust Company ("DTC") and, in each case, must have executed a Participant Agreement with the Funds' Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

**NOTE 7 – BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of the date of these financial statements, Capital Insight Partners, LLC the sub-adviser to the Christian Stock Fund, has voting power of 986,655 shares of the Christian Stock Fund, representing 42.53% of the shares outstanding. Knights of Columbus Asset Advisors LLC, the sub-adviser to the Knights of Columbus ETF, owned 800,000 shares of the Knights of Columbus ETF, representing 85.11% of the shares outstanding.

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**Notes to Financial Statements** 

**May 31, 2025(Continued)** 

**NOTE 8 – PRINCIPAL RISKS** 

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to the principal risks, any of which may adversely affect each 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 Investment Risks".

**NOTE 9 – GUARANTEES AND INDEMNIFICATIONS** 

In the normal course of business, the Trust, on behalf of the Funds, enters into contracts with third-party service providers that contain a variety of representations and warranties and that provide general indemnifications. Additionally, under the Trust organizational documents, the officers and Trustees are indemnified against certain liabilities arising out of the performance of their duties to the Trust. The Funds' maximum exposure under these arrangements is unknown, as it involves possible future claims that may or may not be made against the Funds. The Adviser is of the view that the risk of loss to the Funds in connection with the Funds' indemnification obligations is remote; however, there can be no assurance that such obligations will not result in material liabilities that adversely affect the Funds.

**NOTE 10 – ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES**

In November 2023, the FASB issued ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures ("ASU 2023-07"). ASU 2023-07 is intended to improve reportable segment disclosure requirements, primarily through enhanced disclosures about significant segment expenses, allowing financial statement users to better understand the components of a segment's profit or loss and assess potential future cash flows for each reportable segment and the entity as a whole. The amendments expand a public entity's segment disclosures by requiring disclosure of significant segment expenses that are regularly provided to the chief operating decision maker, clarifying when an entity may report one or more additional measures to assess segment performance, requiring enhanced interim disclosures and providing new disclosure requirements for entities with a single reportable segment, among other new disclosure requirements.

Management has evaluated the impact of adopting ASU 2023-07, Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures with respect to the financial statements and disclosures and determined there is no material impact for the Funds. Each Fund operates as a single segment entity. Each Fund's income, expenses, assets, and performance are regularly monitored and assessed by the Adviser, who serves as the chief operating decision maker, using the information presented in the financial statements and financial highlights.

**Note 11 – FIS Bright Portfolios Focused Equity ETF In-kind Contribution**

As part of FIS Bright Portfolios Focused Equity ETF's ("the Fund") commencement of operations on December 20, 2024, the Fund received an in-kind contribution from accounts managed by Bright Portfolios, LLC, which consisted of $21,559,443 of securities which were recorded at their current value to align the Fund's performance with ongoing financial reporting. However, as the transaction was determined to be a nontaxable transaction by management, the Fund elected to retain the securities' original cost basis for tax purposes. The cost of the contributed securities as of December 20, 2024 was $16,251,665, resulting in net unrealized appreciation on investments of $5,307,778 as of that date. As a result of the in-kind contribution, the Fund issued 862,000 shares at a $25.01 per share net asset value.

**NOTE 12 – SUBSEQUENT EVENTS** 

Management has evaluated subsequent events and transactions for potential recognition or disclosure through the date the financial statements were issued.

On June 23, 2025, the Adviser publicly announced that it had determined that it was in the best interests of shareholders of the Knights of Columbus ETF to liquidate the ETF. Liquidation payments to Fund shareholders were expected to be distributed in July 2025. Once the distributions are complete, the Fund will terminate.

Management has determined that there are no other material events that would require recognition or disclosure in the Funds' financial statements.

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**Report of Independent Registered Public Accounting Firm** 

To the Shareholders of FIS Bright Portfolios Focused Equity ETF, FIS Christian Stock Fund, FIS Knights of Columbus Global Belief ETF, 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, including the schedules of investments, of FIS Bright Portfolios Focused Equity ETF, FIS Christian Stock Fund, and FIS Knights of Columbus Global Belief ETF, (the "Funds"), each a series of NEOS ETF Trust as of May 31, 2025, the related statements of operations and changes in net assets and the financial highlights for each of the periods shown below, 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 May 31, 2025, the results of their operations, the changes in net assets, and the financial highlights for each of the periods shown below, in conformity with accounting principles generally accepted in the United States of America.

---

| | | | |
|:---|:---|:---|:---|
| **Fund Name**  | **Statements of** <br>**Operations** | **Statements of** <br>**Changes in Net** <br>**Assets**  | **Financial Highlights** |
| FIS Bright Portfolios Focused Equity ETF | For the period December 20, 2024 (commencement of operations) through May 31, 2025 | For the period December 20, 2024 (commencement of operations) through May 31, 2025 | For the period December 20, 2024 (commencement of operations) through May 31, 2025 |
|  FIS Christian Stock Fund and FIS Knights of Columbus Global Belief ETF | For the year ended May 31, 2025 | For each of the years in the two year period ended <br>May 31, 2025 | For each of the years in the three year period ended May 31, 2025 |

---

The Funds' financial highlights for the periods ended May 31, 2022, were audited by other auditors whose report dated July 27, 2022, expressed an unqualified opinion on those financial highlights.

<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 May 31, 2025, by correspondence with the custodian and brokers; when replies were not received from broker, 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 of the Funds in the NEOS ETF Trust since 2023.

![](kaiser-cc.jpg)

COHEN & COMPANY, LTD.

Philadelphia, Pennsylvania

July 30, 2025

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**OTHER NON-AUDITED INFORMATION** 

**May 31, 2025 (Unaudited)** 

**TAX INFORMATION**

For the fiscal year ended May 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:

---

| | |
|:---|:---|
| FIS Bright Portfolios Focused Equity ETF | 100.00%  |
| FIS Christian Stock Fund | 100.00%  |
| FIS Knights of Columbus Global Belief ETF | 100.00% |

---

For corporate shareholders, the percent of ordinary income distributions qualifying for the corporate dividends received deduction for the year ended May 31, 2025 were as follows:

---

| | |
|:---|:---|
| FIS Bright Portfolios Focused Equity ETF | 100.00%  |
| FIS Christian Stock Fund | 76.60%  |
| FIS Knights of Columbus Global Belief ETF | 57.93% |

---

For the year ended May 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:

---

| | |
|:---|:---|
| FIS Bright Portfolios Focused Equity ETF | 0.00%  |
| FIS Christian Stock Fund | 0.00%  |
| FIS Knights of Columbus Global Belief ETF | 0.00% |

---

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds traded on the Exchange 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.faithinvestorservices.com.

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

NEOS ETF Trust files its complete schedules of portfolio holdings with the Securities and Exchange Commission ("SEC") for the first and third quarters of each fiscal year to date as exhibits to their reports on Form N-PORT. The Funds' Form N-PORT reports are available on the SEC's website at www.sec.gov. It may also be reviewed and copied at the SEC's Public Reference Room in Washington, D.C. Information about the Public Reference Room may be obtained by calling 1-800-SEC-0330. In addition, the Funds' full portfolio holdings are updated daily and available on the Funds website at www.faithinvestorservices.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 SAIs are 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.faithinvestorservices. com. Information on how the Funds' voted proxies relating to portfolio securities during the most recent 12-month period ended June 30 will be available without charge, upon request, by calling (833) 833-1311 or by accessing the website of the SEC.

22<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.** 

23<br>

------

**[**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 within this report.** 

24<br>

------

**[**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.

25<br>

------

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

**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;(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;(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: On December 11, 2024, the Board of Trustees of the Trust, pursuant to Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), including a majority of Trustees who are not "interested persons" of the Trust (as that term is defined in the 1940 Act) (the "Independent Trustees"), approved the Investment Advisory Agreement (the "Advisory Agreement") between the Trust on behalf of the FIS Bright Portfolios Focused Equity ETF (the "Bright ETF"), a then new series of the Trust, and Faith Investor Services, LLC ("FIS"), the Sub-Advisory Agreement between FIS and Bright Portfolios, LLC ("Bright") on behalf of the Bright ETF and the sub-advisory agreement between FIS and Vident Asset Management ("Vident") on behalf of the Bright ETF (each an "Advisory Agreement" and collectively, the "Advisory Agreements. FIS, Bright and Vident (each an "Adviser" and collectively, the "Advisers") provided such information as the Independent Trustees deemed reasonably necessary to evaluate the Advisory Agreements. At a meeting on December 11, 2024, the Board including the Independent Trustees of the Board, reviewed: (i) the nature and quality of the advisory services to be provided by each Adviser, including the experience and qualifications of the personnel providing such services; (ii) the performance history of the Bright ETF, noting that the Bright ETF had not yet launched; (iii) the proposed fees and expenses of the Bright ETF; (iv) the anticipated profitability of the Bright ETF to FIS; (v) potential economies of scale; (vi) possible fall-out benefits to each Adviser and its affiliates (i.e., the ancillary benefits realized by an Adviser and its affiliates from the Adviser's relationship with the Bright ETF); and (vii) possible conflicts of interest. In considering the approval of each Advisory Agreement, the Board noted that FIS, Bright and Vident would provide advisory services, sub-advisory services and trading advisory services, respectively. The Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.** 

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

<u>Nature, Extent and Quality of Service.</u>

The Board reviewed materials provided by FIS related to the proposed approval of the Advisory Agreement, including a description of its oversight of each Adviser, a review of the professional personnel who will be performing services for the Bright ETF, each Adviser's compliance and risk management infrastructure, their respective financial strength and resources, and how they will monitor their respective investment processes and services. The Board also noted the responsibilities that FIS will have as investment adviser to the Bright ETF, including: voting proxies on behalf of the Bright ETF, the oversight of Bright and Vident (collectively, the "Sub-Advisers") with respect to their adherence to the Bright ETF's investment strategy and restrictions, monitoring of the Sub-Adviser's buying and selling of securities and other transactions, reviewing the Sub-Advisers' performance, reviewing and overseeing brokerage and general Fund compliance with federal and state laws; and implementation of Board directives as they relate to the Bright ETF. The Board also considered research support available to, and management capabilities of, management personnel

26<br>

------

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

**Statement Regarding Basis for Approval of Investment Advisory Contract (Unaudited) (Continued)** 

of the Advisers and that the Advisers, collectively and in coordination, will provide oversight of day-to-day Fund operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements.

Additionally, the Board received satisfactory responses from the representatives of the Advisers with respect to a series of questions, including: whether each Adviser was involved in any lawsuits or pending regulatory actions; whether the management of other accounts would conflict with their management of the Bright ETF; and whether there are procedures in place to adequately allocate trades among its respective clients. The Board noted that each Adviser had reported no material compliance or litigation issues. The Board concluded that each Adviser had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures essential to performing its duties under the Advisory Agreements and that the nature, overall quality and extent of the management services to be provided by the Advisers to the Bright ETF would be satisfactory.

<u>Performance.</u>

Because the Bright ETF had not commenced operations, the Board was not able to review its performance.

<u>Fees and Expenses.</u>

As to the costs of the services to be provided by FIS, the Board discussed the comparison of advisory fees and total operating expense data and reviewed the Bright ETF's advisory fee, which is a unitary fee, and overall expenses compared to a peer group comprised of funds selected by FIS, each of which had similar investment objectives and faith-based strategies. The Board was aware that under the unitary fee arrangement, FIS is contractually obligated to pay the fees of the Bright ETF's service providers including the Sub-Advisers, with the exception of FIS's advisory fee and certain other expenses. The Board further observed that the proposed fee was within the range of peer funds provided by FIS and the other ETFs in the Trust advised by FIS. Given these considerations, the Board concluded that FIS' proposed advisory fee was not unreasonable.

As to the costs of the services to be provided by each Sub-Adviser, the Board discussed the sub-advisory fee payable by the Adviser to Sub-Adviser pursuant to the respective Sub-Advisory Agreements. The Board noted that the sub-advisory fee to be paid by FIS to the Sub-Adviser is 50% of the net profits earned from the management fees paid by the Fund to FIS pursuant to the Advisory Agreement. The Board further acknowledged that FIS will pay the Trading Sub-Adviser at an annual rate of 0.050% on assets up to $250 million; 0.040% on assets over $250 million and less than $500 million; 0.030% on assets over $500 million, subject to a minimum annual fee of $20,000 for the first 12-months and $35,000 annually thereafter. The Board considered that the Sub-Adviser and Trading Sub-Adviser are to be paid by FIS and not by the Bright ETF. FIS confirmed to the Board that the FIS was of the opinion that the sub-advisory fees to be paid to the Sub-Adviser and Trading Sub-Adviser were reasonable in light of the anticipated quality of the services to be performed and the proposed division of services between FIS, the Sub-Adviser, and the Trading Sub-Adviser. Based on the representations of FIS, the Sub-Adviser, the Trading Sub-Adviser, and the materials provided, the Board concluded that the sub-advisory fees to be paid were reasonable.

<u>Economies of Scale.</u> The Board reviewed the asset projections for the Bright ETF and noted each Adviser's position that the asset levels at which economies of scale would be achieved were unlikely to be realized in the near term. They acknowledged each Adviser's willingness to discuss breakpoints for the Bright ETF as its size materially increased. The Board agreed to monitor and revisit this issue at the appropriate time.

<u>Profitability.</u> The Board considered the level of profits that could be expected to accrue to each Adviser with respect to the Bright ETF based on profitability projections and analysis prepared by each Adviser and the financial information of each Adviser provided by the Advisers to the Board. The Board recognized that FIS expected to manage the Bright ETF at a reasonable profit for the first and second year. The Board determined that the expected profitability of each Sub-Adviser, if any, was not a significant factor. After review and discussion, the Board concluded the anticipated profits from each Adviser's relationship with the Bright ETF would not be excessive.

<u>Conclusion.</u> Having requested and received such information from the Adviser as the Board believed to be reasonably necessary to evaluate the terms of each Advisory Agreement, the Board concluded that approval of each Advisory Agreement was in the best interest of the Bright ETF and its future shareholders.

27<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>**

(a) The Registrant's Principal Executive Officer and Principal Financial Officer have reviewed the Registrant's disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940 (the "Act")) as of a date within 90 days of the filing of this report, as required by Rule 30a-3(b) under the Act and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934. Based on their review, such officers have concluded that the disclosure controls and procedures are effective in ensuring that information required to be disclosed in this report is appropriately recorded, processed, summarized and reported and made known to them by others within the Registrant and by the Registrant's service provider.

(b) There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the Act) that occurred during the period covered by this report that have materially affected, or are reasonably likely to materially affect, the Registrant's internal control over financial reporting.

**<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>**

(a) Not Applicable.

(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 2requirements through filing an exhibit. **Filed herewith**.](netft-efp16655_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. N**ot 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.**](netft-efp16655_ex99cert.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.**](netft-efp16655_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: <u>August 7, 2025</u>

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: <u>August 7, 2025</u>

---

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

---

Date: <u>August 7, 2025</u>

## 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

Principal Financial Officer Josh Hunter

## Ex-99.Cert

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF <br> 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;

&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: | August 7, 2025 | /s/ Garrett Paolella |
|  |  | Garrett Paolella<br> President/Principal Executive Officer |

---

**<u>CERTIFICATION PURSUANT TO RULE 30a-2(a) UNDER THE INVESTMENT COMPANY ACT OF <br> 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: | August 7, 2025 | /s/ Josh Hunter |
|  |  | Josh Hunter<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

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

Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, each of the undersigned officers of the 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 May 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 NEOS ETF Trust for the stated period.

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

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Dated: <u>August 7, 2025</u> Dated: <u>August 7, 2025</u>

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.