# EDGAR Filing Document

**Accession Number:** 0001848758
**File Stem:** 0001133228-26-001422
**Filing Date:** 2026-2
**Character Count:** 394119
**Document Hash:** d5709ee940f3f2c6f9b157f087b9408c
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001133228-26-001422.hdr.sgml**: 20260205

**ACCESSION NUMBER**: 0001133228-26-001422

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 46

**CONFORMED PERIOD OF REPORT**: 20251130

**FILED AS OF DATE**: 20260205

**DATE AS OF CHANGE**: 20260205

**EFFECTIVENESS DATE**: 20260205

**FILER**: 

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

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

**FILING VALUES:**
- **FORM TYPE:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-23645
- **FILM NUMBER:** 26602125

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

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

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

## Series and Classes Contracts Data

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

?xml version='1.0' encoding='ASCII'? 2025-09-30191885_NEOSBitcoinHighIncomeETF_TF_TSRSemiAnnual

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>November 30, 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](img295463_202412261733153.jpg) | **NEOS Bitcoin High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img295463_202412261733153.jpg) | BTCI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img295463_202412261733153.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Bitcoin High Income ETF (the "Fund" or "BTCI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/btci/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Bitcoin High Income ETF | $47 | 0.98% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $864828346 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $3010609 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.09% |
| **30-Day SEC Yield Unsubsidized** | 3.09% |
| **Distribution Yield** | 34.44% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bill  | 92.6% |
|  VanEck Bitcoin ETF  | 16.1% |
|  iShares Bitcoin Trust ETF  | 8.1% |
|  First American Treasury Obligations Fund  | 1.3% |
|  Northern U.S. Government Select Money Market Fund  | 0.0%\* |
|  Cboe Bitcoin U.S. ETF Index Purchased/Written Options  | -19.5% |

---

\* Represents less than 0.05%.

**MANAGED DISTRIBUTIONS**

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

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

------

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img85833_520250717191078.jpg) | **NEOS Enhanced Income 1-3 Month T-Bill** **ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img85833_520250717191078.jpg) | CSHI (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img85833_520250717191078.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Enhanced Income 1-3 Month T-Bill ETF (the "Fund" or "CSHI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/cshi/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | $19 | 0.38% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $734797339 |
| **Number of Holdings** | 23 |
| **Net Advisory Fee** | $1168960 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.46% |
| **30-Day SEC Yield Unsubsidized** | 3.46% |
| **Distribution Yield** | 5.09% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bill  | 99.0% |
|  First American Treasury Obligations Fund  | 0.7% |
|  Northern U.S. Government Select Money Market Fund  | 0.3% |
|  S&P 500 Index Purchased/Written Options  | 0.0%\* |

---

\* Represents less than 0.05%.

**MANAGED DISTRIBUTIONS**

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img612444_i20251230182427.jpg) | **NEOS Enhanced Income 20+ Year Treasury** **Bond ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img612444_i20251230182427.jpg) | TLTI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc) | ![image](img11894_202412191724471.jpg) |
| ![image](img612444_i20251230182427.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Enhanced Income 20+ Year Treasury Bond ETF (the "Fund" or "TLTI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/tlti/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | $30 | 0.58% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $8540871 |
| **Number of Holdings** | 9 |
| **Net Advisory Fee** | $13943 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 4.18% |
| **30-Day SEC Yield Unsubsidized** | 4.18% |
| **Distribution Yield** | 6.20% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bond  | 97.8% |
|  First American Treasury Obligations Fund  | 0.6% |
|  Northern US Government Money Market Fund  | 0.4% |
|  S&P 500 Index Purchased/Written Options  | 0.0%\* |

---

\* Represents less than 0.05%.

**MANAGED DISTRIBUTIONS**

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img295458_202507171658706.jpg) | **NEOS Enhanced Income Aggregate Bond** **ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img295458_202507171658706.jpg) | BNDI (Principal U.S. Listing Exchange: NYSE Arca, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img295458_202507171658706.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Enhanced Income Aggregate Bond ETF (the "Fund" or "BNDI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/bndi/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Enhanced Income Aggregate Bond ETF | $28 | 0.55% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $121989341 |
| **Number of Holdings** | 10 |
| **Net Advisory Fee** | $282323 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 3.29% |
| **30-Day SEC Yield Unsubsidized** | 3.26% |
| **Distribution Yield** | 5.68% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  iShares Core U.S. Aggregate Bond ETF  | 49.8% |
|  Vanguard Total Bond Market ETF  | 49.7% |
|  Northern U.S. Government Select Money Market Fund  | 0.4% |
|  First American Treasury Obligations Fund  | 0.1% |
|  S&P 500 Index Purchased/Written Options  | 0.0%\* |

---

\* Represents less than 0.05%.

**MANAGED DISTRIBUTIONS**

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

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

------

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img295459_202412261729678.jpg) | **NEOS Enhanced Income Credit Select ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img295459_202412261729678.jpg) | HYBI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img11894_202412191724471.jpg) |
| ![image](img295459_202412261729678.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Enhanced Income Credit Select ETF (the "Fund" or "HYBI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/hybi/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Enhanced Income Credit Select ETF | $31 | 0.61% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $177279706 |
| **Number of Holdings** | 11 |
| **Net Advisory Fee** | $461006 |
| **Portfolio Turnover** | 85% |
| **30-Day SEC Yield** | 5.98% |
| **30-Day SEC Yield Unsubsidized** | 5.94% |
| **Distribution Yield** | 8.43% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  iShares Broad USD High Yield Corporate Bond ETF  | 32.0% |
|  Xtrackers USD High Yield Corporate Bond ETF  | 31.8% |
|  State Street SPDR Portfolio High Yield Bond ETF  | 31.2% |
|  First American Treasury Obligations Fund  | 4.2% |
|  Northern US Government Money Market Fund  | 0.9% |
|  S&P 500 Index Purchased/Written Options  | 0.0%\* |

---

\* Represents less than 0.05%.

**MANAGED DISTRIBUTIONS**

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

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

------

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img609827_202512301800168.jpg) | **NEOS Gold High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img609827_202512301800168.jpg) | IAUI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img609827_202512301800168.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Gold High Income ETF (the "Fund" or "IAUI") for the period of June 5, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/iaui/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** **\*** | **Costs paid as a percentage of** **a $10,000 investment** **\*\*** |
| NEOS Gold High Income ETF | $42 | 0.78% |

---

\* Amount shown reflects the expenses of the Fund from June 5, 2025 through November 30, 2025. Expenses would be higher if the Fund had been in operations for the full reporting period.

\*\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $211473055 |
| **Number of Holdings** | 8 |
| **Net Advisory Fee** | $324974 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 2.15% |
| **30-Day SEC Yield Unsubsidized** | 2.15% |
| **Distribution Yield** | 11.80% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  United States Treasury Bill  | 69.4% |
|  Goldman Sachs Physical Gold ETF  | 24.5% |
|  SPDR Gold Shares Purchased/Written Options  | 5.9% |
|  First American Treasury Obligations Fund  | 1.0% |
|  Northern U.S. Government Select Money Market Fund  | 0.0%\* |

---

\* Represents less than 0.05%.

**MANAGED DISTRIBUTIONS**

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

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

------

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img612441_202512301814842.jpg) | **NEOS Nasdaq-100® Hedged Equity Income** **ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img612441_202512301814842.jpg) | QQQH (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img11894_202412191724471.jpg) |
| ![image](img612441_202512301814842.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Nasdaq-100® Hedged Equity Income ETF (the "Fund" or "QQQH") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/qqqh/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | $36 | 0.68% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $351693181 |
| **Number of Holdings** | 106 |
| **Net Advisory Fee** | $1141193 |
| **Portfolio Turnover** | 3% |
| **30-Day SEC Yield** | 0.00% |
| **30-Day SEC Yield Unsubsidized** | 0.00% |
| **Distribution Yield** | 9.13% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 9.0% |
|  Apple, Inc.  | 8.6% |
|  Microsoft Corp.  | 7.6% |
|  Alphabet, Inc.  | 7.5% |
|  Broadcom, Inc.  | 6.5% |
|  Amazon.com, Inc.  | 5.2% |
|  Tesla, Inc.  | 3.3% |
|  Meta Platforms, Inc.  | 2.9% |
|  Netflix, Inc.  | 2.4% |
|  Costco Wholesale Corp.  | 2.1% |

---

**Sector Breakdown**

![image](ts6216img003.jpg)

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as

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

------

a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img295460_202412261725669.jpg) | **NEOS Nasdaq 100® High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img295460_202412261725669.jpg) | QQQI (Principal U.S. Listing Exchange: Nasdaq Stock Market LLC) | ![image](img11894_202412191724471.jpg) |
| ![image](img295460_202412261725669.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Nasdaq 100® High Income ETF (the "Fund" or "QQQI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/qqqi/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Nasdaq 100<sup>®</sup> High Income ETF | $37 | 0.68% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6657667523 |
| **Number of Holdings** | 105 |
| **Net Advisory Fee** | $14415190 |
| **Portfolio Turnover** | 3% |
| **30-Day SEC Yield** | 0.02% |
| **30-Day SEC Yield Unsubsidized** | 0.02% |
| **Distribution Yield** | 14.00% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 9.0% |
|  Apple, Inc.  | 8.7% |
|  Microsoft Corp.  | 7.7% |
|  Alphabet, Inc.  | 7.6% |
|  Broadcom, Inc.  | 6.5% |
|  Amazon.com, Inc.  | 5.2% |
|  Tesla, Inc.  | 3.3% |
|  Meta Platforms, Inc.  | 3.0% |
|  Netflix, Inc.  | 2.4% |
|  Costco Wholesale Corp.  | 2.1% |

---

**Sector Breakdown**

![image](ts6215img003.jpg)

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or

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

------

increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img612443_202512301815883.jpg) | **NEOS Real Estate High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img612443_202512301815883.jpg) | IYRI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img612443_202512301815883.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Real Estate High Income ETF (the "Fund" or "IYRI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/iyri/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Real Estate High Income ETF | $35 | 0.68% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $155697963 |
| **Number of Holdings** | 65 |
| **Net Advisory Fee** | $342997 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | 3.16% |
| **30-Day SEC Yield Unsubsidized** | 3.16% |
| **Distribution Yield** | 11.13% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Welltower, Inc.  | 10.4% |
|  Prologis, Inc.  | 8.9% |
|  American Tower Corp.  | 6.3% |
|  Equinix, Inc.  | 4.4% |
|  Simon Property Group, Inc.  | 4.4% |
|  Digital Realty Trust, Inc.  | 3.9% |
|  Realty Income Corp.  | 3.9% |
|  CBRE Group, Inc.  | 3.7% |
|  Public Storage  | 3.3% |
|  Crown Castle, Inc.  | 3.0% |

---

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or

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

------

increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img295492_202412261741170.jpg) | **NEOS Russell 2000® High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img295492_202412261741170.jpg) | IWMI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img295492_202412261741170.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS Russell 2000® High Income ETF (the "Fund" or "IWMI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/iwmi/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS Russell 2000<sup>®</sup> High Income ETF | $33 | 0.59% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $388438048 |
| **Number of Holdings** | 4 |
| **Net Advisory Fee** | $820067 |
| **Portfolio Turnover** | 0% |
| **30-Day SEC Yield** | 0.62% |
| **30-Day SEC Yield Unsubsidized** | 0.56% |
| **Distribution Yield** | 13.95% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  Vanguard Russell 2000 ETF  | 100.3% |
|  First American Treasury Obligations Fund  | 0.4% |
|  Russell 2000 Index Written Options  | -1.0% |

---

**MANAGED DISTRIBUTIONS**

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

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

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

------

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img612439_202512301812990.jpg) | **NEOS S&P 500® Hedged Equity Income** **ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img612439_202512301812990.jpg) | SPYH (Principal U.S. Listing Exchange: CBOE BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img612439_202512301812990.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS S&P 500® Hedged Equity Income ETF (the "Fund" or "SPYH") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/spyh/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | $36 | 0.68% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $18208145 |
| **Number of Holdings** | 487 |
| **Net Advisory Fee** | $28078 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | 0.56% |
| **30-Day SEC Yield Unsubsidized** | 0.56% |
| **Distribution Yield** | 7.62% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 7.4% |
|  Apple, Inc.  | 7.1% |
|  Microsoft Corp.  | 6.3% |
|  Alphabet, Inc.  | 5.8% |
|  Amazon.com, Inc.  | 3.9% |
|  Broadcom, Inc.  | 3.2% |
|  Meta Platforms, Inc.  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc.  | 1.6% |
|  JPMorgan Chase & Co.  | 1.5% |

---

**Sector Breakdown**

![image](ts6222img003.jpg)

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as

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

------

a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

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

**HOUSEHOLDING**

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

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

------

---

| | | |
|:---|:---|:---|
| ![image](img295496_202412261735928.jpg) | **NEOS S&P 500® High Income ETF**  | ![image](img11894_202412191724471.jpg) |
| ![image](img295496_202412261735928.jpg) | SPYI (Principal U.S. Listing Exchange: Cboe BZX Exchange, Inc.) | ![image](img11894_202412191724471.jpg) |
| ![image](img295496_202412261735928.jpg) | Semi-Annual Shareholder Report \| November 30, 2025  | ![image](img11894_202412191724471.jpg) |

---

This semi-annual shareholder report contains important information about the NEOS S&P 500® High Income ETF (the "Fund" or "SPYI") for the period of June 1, 2025, to November 30, 2025. You can find additional information about the Fund at https://neosfunds.com/spyi/. You can also request this information by contacting us at (866)-498-5677.

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

---

| | | |
|:---|:---|:---|
| **Fund Name** | **Costs of a $10,000** **investment** | **Costs paid as a percentage of** **a $10,000 investment** **\*** |
| NEOS S&P 500<sup>®</sup> High Income ETF | $36 | 0.68% |

---

\* Annualized

**KEY FUND STATISTICS** (as of November 30, 2025)

---

| | |
|:---|:---|
| **Net Assets** | $6298522769 |
| **Number of Holdings** | 509 |
| **Net Advisory Fee** | $16980657 |
| **Portfolio Turnover** | 1% |
| **30-Day SEC Yield** | 0.54% |
| **30-Day SEC Yield Unsubsidized** | 0.54% |
| **Distribution Yield** | 11.81% |

---

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

**WHAT DID THE FUND INVEST IN?** (% of net assets as of November 30, 2025)

---

| | |
|:---|:---|
| **Top 10 Issuers** |  |
|  NVIDIA Corp.  | 7.5% |
|  Apple, Inc.  | 7.2% |
|  Microsoft Corp.  | 6.3% |
|  Alphabet, Inc.  | 5.8% |
|  Amazon.com, Inc.  | 3.9% |
|  Broadcom, Inc.  | 3.3% |
|  Meta Platforms, Inc.  | 2.4% |
|  Tesla, Inc.  | 2.1% |
|  Berkshire Hathaway, Inc.  | 1.6% |
|  JPMorgan Chase & Co.  | 1.5% |

---

**Sector Breakdown**

![image](ts6218img003.jpg)

**MANAGED DISTRIBUTIONS**

While the Fund does not have a specific level of distribution, the Fund seeks to generate monthly income in a tax efficient manner. Under current provisions of the Internal Revenue Code, distributions in excess of the Fund's current and accumulated earnings are treated as a tax-free return of a shareholder's investment to the extent of the shareholders basis in the Funds shares, and generally as capital gain thereafter. A return of capital, which for tax purposes is treated as a return of a shareholder's investment, reduces a shareholder's basis in the Fund's shares, thus reducing any loss or

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

------

increasing any gain on a subsequent taxable disposition of Fund shares. Current return of capital estimates for the Fund are available at the website www.neosfunds.com under the Fund's 19a-1 Notices.

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

**HOUSEHOLDING**

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

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

------

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

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

Not applicable for semi-annual reports.

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

&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>**

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

![](neos_logo.jpg)

**Semi-Annual Financial Statements and** 

**Additional Information** 

**November 30, 2025 (Unaudited)** 

---

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

---

------

**TABLE OF CONTENTS** 

---

| | |
|:---|:---|
|  | **Page** |
| [Schedules of Investments and Written Options](#pqrstuvw)<br>|  |
| &nbsp;&nbsp;&nbsp; [NEOS Bitcoin High Income ETF](#soi1) | [1](#soi1) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income 1-3 Month T-Bill ETF](#soi2) | [3](#soi2) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income 20+ Year Treasury Bond ETF](#soi3) | [5](#soi3) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Aggregate Bond ETF](#soi4) | [7](#soi4) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Credit Select ETF](#soi5) | [9](#soi5) |
| &nbsp;&nbsp;&nbsp; [NEOS Gold High Income ETF](#soi6) | [11](#soi6) |
| &nbsp;&nbsp;&nbsp; [NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF](#soi7) | [13](#soi7) |
| &nbsp;&nbsp;&nbsp; [NEOS Nasdaq-100<sup>®</sup> High Income ETF](#soi8) | [19](#soi8) |
| &nbsp;&nbsp;&nbsp; [NEOS Real Estate High Income ETF](#soi9) | [25](#soi9) |
| &nbsp;&nbsp;&nbsp; [NEOS Russell 2000<sup>®</sup> High Income ETF](#soi10) | [29](#soi10) |
| &nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF](#soi11) | [31](#soi11) |
| &nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> High Income ETF](#soi12) | [47](#soi12) |
| [Statements of Assets and Liabilities](#sal) | [64](#sal) |
| [Statements of Operations](#sop) | [67](#sop) |
| [Statements of Changes in Net Assets](#scna) | [70](#scna) |
| [Financial Highlights](#pqrst)<br>|  |
| &nbsp;&nbsp;&nbsp; [NEOS Bitcoin High Income ETF](#fihi1) | [77](#fihi1) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income 1-3 Month T-Bill ETF](#fihi2) | [78](#fihi2) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income 20+ Year Treasury Bond ETF](#fihi3) | [79](#fihi3) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Aggregate Bond ETF](#fihi4) | [80](#fihi4) |
| &nbsp;&nbsp;&nbsp; [NEOS Enhanced Income Credit Select ETF](#fihi5) | [81](#fihi5) |
| &nbsp;&nbsp;&nbsp; [NEOS Gold High Income ETF](#fihi6) | [82](#fihi6) |
| &nbsp;&nbsp;&nbsp; [NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF](#fihi7) | [83](#fihi7) |
| &nbsp;&nbsp;&nbsp; [NEOS Nasdaq-100<sup>®</sup> High Income ETF](#fihi8) | [84](#fihi8) |
| &nbsp;&nbsp;&nbsp; [NEOS Real Estate High Income ETF](#fihi9) | [85](#fihi9) |
| &nbsp;&nbsp;&nbsp; [NEOS Russell 2000<sup>®</sup> High Income ETF](#fihi10) | [86](#fihi10) |
| &nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF](#fihi11) | [87](#fihi11) |
| &nbsp;&nbsp;&nbsp; [NEOS S&P 500<sup>®</sup> High Income ETF](#fihi12) | [88](#fihi12) |
| [Notes to the Financial Statements](#notes) | [89](#notes) |
| [Other Non-Audited Information](#other) | [113](#other) |
| [Changes in and Disagreements with Accountants for Open-End Management Investment Companies](#change) | [115](#change) |
| [Proxy Disclosures for Open-End Management Investment Companies](#proxy) | [116](#proxy) |
| [Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies](#remu) | [117](#remu) |
| [Statement Regarding Basis for Approval of Investment Advisory Contract](#state) | [118](#state) |

---

------

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

**NEOS BITCOIN HIGH INCOME ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 24.2%**<br>|  |  |
| iShares Bitcoin Trust ETF<sup>(a)</sup> | 1365155 | $70373740  |
| VanEck Bitcoin ETF<sup>(a)</sup> | 5427937 | 139226584  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $238,195,905)** |  | 209600324 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.8%**<br>|  |  |  |
| **Call Options - 0.8%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; CBOE Bitcoin U.S. ETF Index<sup>(b)(c)</sup><br>Expiration: 01/16/2026; Exercise Price: $2,680.00 | $648747166 | 3026 | 6657200  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $79,432,029)** |  |  | 6657200 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 92.7%**<br>|  |  |
| 3.80%, 02/05/2026<sup>(d)</sup> | $806483000 | 800953212  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $800,908,030)** |  | 800953212 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 1.3%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(e)</sup> | 11412557 | 11412557  |
| Northern U.S. Government Select Money Market Fund, 3.68%<sup>(e)</sup> | 102418 | 102418  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $11,514,975)** |  | 11514975  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 119.0%** <br>**(Cost $1,130,050,939)** |  | $1028725711  |
| Liabilities in Excess of Other Assets - (19.0)% |  | (163897365)  |
| **TOTAL NET ASSETS - 100.0%** |  | $864828346 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

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

<sup>(d)</sup> The rate shown is the annualized yield as of November 30, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

1<br>

------

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

**NEOS BITCOIN HIGH INCOME ETF** 

**CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (20.3)%**<br>|  |  |  |
| **Call Options - (1.5)%**<br>|  |  |  |
| CBOE Bitcoin U.S. ETF Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $2,330.00 | $(215677346) | (1006) | $(7746200)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $2,450.00 | (215677346) | (1006) | (4929400)  |
| **Total Call Options** |  |  | (12675600)  |
| **Put Options - (18.8)%**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; CBOE Bitcoin U.S. ETF Index<sup>(a)(b)</sup> <br>Expiration: 01/16/2026; Exercise Price: $2,680.00 | (648747166) | (3026) | (162798800)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $93,291,987)** |  |  | $(175474400) |

---

Percentages are stated as a percent of net assets.

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

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

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

2<br>

------

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

**NEOS ENHANCED INCOME 1-3 MONTH T-BILL ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.0%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 0.0%<sup>(a)</sup>**<br>|  |  |  |
| S&P 500 Index<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $5,875.00 | $184240521 | 269 | $31607  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $5,950.00 | 184240521 | 269 | 36315  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,000.00 | 184240521 | 269 | 39678  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,220.00 | 184240521 | 269 | 65905  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $298,610)** |  |  | 173505 |

---

---

| | | |
|:---|:---|:---|
|  | **Par** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 99.2%**<br>|  |  |
| 3.91%, 12/04/2025<sup>(d)</sup> | $60015000 | 59995670  |
| 3.87%, 12/11/2025<sup>(d)</sup> | 54028000 | 53969320  |
| 3.89%, 12/18/2025<sup>(d)</sup> | 50808000 | 50714344  |
| 3.90%, 01/02/2026<sup>(d)</sup> | 36967000 | 36842134  |
| 3.87%, 01/08/2026<sup>(d)</sup> | 56596000 | 56369226  |
| 3.78%, 01/13/2026<sup>(d)</sup> | 53494000 | 53253050  |
| 3.73%, 01/15/2026<sup>(d)</sup> | 64462000 | 64157508  |
| 3.81%, 01/22/2026<sup>(d)</sup> | 52993000 | 52704372  |
| 3.77%, 01/27/2026<sup>(d)</sup> | 58765000 | 58411121  |
| 3.80%, 02/03/2026<sup>(d)</sup> | 54518000 | 54156388  |
| 3.79%, 02/05/2026<sup>(d)</sup> | 53710000 | 53341728  |
| 3.78%, 02/12/2026<sup>(d)</sup> | 66648000 | 66149320  |
| 3.79%, 02/19/2026<sup>(d)</sup> | 68671000 | 68106280  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $728,158,649)** |  | 728170461 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **MONEY MARKET FUNDS - 0.9%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(e)</sup> | 5030909 | 5030909  |
| Northern U.S. Government Select Money Market Fund, 3.68%<sup>(e)</sup> | 1935169 | 1935169  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $6,966,078)** |  | 6966078  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $735,423,337)** |  | $735310044  |
| Liabilities in Excess of Other Assets - (0.1)% |  | (512705)  |
| **TOTAL NET ASSETS - 100.0%** |  | $734797339 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

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

<sup>(d)</sup> The rate shown is the annualized yield as of November 30, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

3<br>

------

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

**NEOS ENHANCED INCOME 1-3 MONTH T-BILL ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - (0.0)%<sup>(a)</sup>**<br>|  |  |  |
| S&P 500 Index<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,125.00 | $(184240521) | &nbsp;&nbsp;&nbsp;&nbsp;(269) | $(52455)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,275.00 | (184240521) | &nbsp;&nbsp;&nbsp;&nbsp;(269) | (76665)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,330.00 | (184240521) | &nbsp;&nbsp;&nbsp;&nbsp;(269) | (92805)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,410.00 | (184240521) | &nbsp;&nbsp;&nbsp;&nbsp;(269) | (127775)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $611,148)** |  |  | $(349700) |

---

Percentages are stated as a percent of net assets.

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

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

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

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

4<br>

------

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

**NEOS ENHANCED INCOME 20+ YEAR TREASURY BOND ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Par** | **Value**  |
| **U.S. TREASURY SECURITIES - 97.8%**<br>|  |  |
| United States Treasury Note/Bond, 4.13%, 08/15/2053 | $9158000 | $8353992  |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY SECURITIES** <br>**(Cost $8,352,390)** |  | 8353992 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts**  |  |
| **PURCHASED OPTIONS - 0.0%<sup>(a)</sup>**<br>|  |  |  |
| **Put Options - 0.0%<sup>(a)</sup>**<br>|  |  |  |
| S&P 500 Index<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,075.00 | $2739636 | 4 | 680  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,150.00 | 2739636 | 4 | 820  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,200.00 | 2739636 | 4 | 930  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,352)** |  |  | 2430 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(d)</sup> | 48026 | 48026  |
| Northern US Government Money Market Fund, 3.69%<sup>(d)</sup> | 34771 | 34771  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $82,797)** |  | 82797  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 98.8%** <br>**(Cost $8,439,539)** |  | $8439219  |
| Other Assets in Excess of Liabilities - 1.2% |  | 101652  |
| **TOTAL NET ASSETS - 100.0%** |  | $8540871 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

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

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

5<br>

------

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

**NEOS ENHANCED INCOME 20+ YEAR TREASURY BOND ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,340.00 | $(2739636) | &nbsp;&nbsp;&nbsp;&nbsp;(4) | $(1420)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,415.00 | (2739636) | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (1940)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,480.00 | (2739636) | &nbsp;&nbsp;&nbsp;&nbsp;(4) | (2640)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $10,508)** |  |  | $(6000) |

---

Percentages are stated as a percent of net assets.

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

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

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

6<br>

------

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

**NEOS ENHANCED INCOME AGGREGATE BOND ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 99.6%**<br>|  |  |
| iShares Core U.S. Aggregate Bond ETF<sup>(a)</sup> | 602387 | $60732657  |
| Vanguard Total Bond Market ETF<sup>(a)</sup> | 812083 | 60727567  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $119,584,597)** |  | 121460224 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| **Put Options - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| S&P 500 Index<sup>(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,075.00 | $40409631 | 59 | 10030  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,150.00 | 40409631 | 59 | 12095  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,200.00 | 40409631 | 59 | 13717  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $64,195)** |  |  | 35842 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares** |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(e)</sup> | 115241 | 115241  |
| Northern U.S. Government Select Money Market Fund, 3.68%<sup>(e)</sup> | 518107 | 518107  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $633,348)** |  | 633348  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $120,282,140)** |  | $122129414  |
| Liabilities in Excess of Other Assets - (0.1)% |  | (140073)  |
| **TOTAL NET ASSETS - 100.0%** |  | $121989341 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

7<br>

------

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

**NEOS ENHANCED INCOME AGGREGATE BOND ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,340.00 | $(40409631) | &nbsp;&nbsp;&nbsp;&nbsp;(59) | $(20945)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,415.00 | (40409631) | &nbsp;&nbsp;&nbsp;&nbsp;(59) | (28615)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,480.00 | (40409631) | &nbsp;&nbsp;&nbsp;&nbsp;(59) | (38940)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $154,990)** |  |  | $(88500) |

---

Percentages are stated as a percent of net assets.

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

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

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

8<br>

------

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

**NEOS Enhanced Income Credit Select ETF** 

**Schedule of Investments** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **EXCHANGE TRADED FUNDS - 95.0%**<br>|  |  |
| iShares Broad USD High Yield Corporate Bond ETF<sup>(a)</sup> | 1507586 | $56745537  |
| State Street SPDR Portfolio High Yield Bond ETF<sup>(a)</sup> | 2318485 | 55226313  |
| Xtrackers USD High Yield Corporate Bond ETF<sup>(a)</sup> | 1522184 | 56351251  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $166,440,260)** |  | 168323101 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  |  |
| **PURCHASED OPTIONS - 0.0%<sup>(b)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(b)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(b)</sup>** | **PURCHASED OPTIONS - 0.0%<sup>(b)</sup>** |
| **Put Options - 0.0%<sup>(b)</sup>**<br>|  |  |  |
| S&P 500 Index<sup>(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,075.00 | $58902174 | 86 | 14620  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,150.00 | 58902174 | 86 | 17630  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,200.00 | 58902174 | 86 | 19995  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $93,572)** |  |  | 52245 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 5.1%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(e)</sup> | 7507695 | 7507695  |
| Northern US Government Money Market Fund, 3.69%<sup>(e)</sup> | 1583160 | 1583160  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $9,090,855)** |  | 9090855  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.1%** <br>**(Cost $175,624,687)** |  | $177466201  |
| Liabilities in Excess of Other Assets - (0.1)% |  | (186495)  |
| **TOTAL NET ASSETS - 100.0%** |  | $177279706 |

---

Percentages are stated as a percent of net assets.

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

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

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

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

9<br>

------

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

**NEOS ENHANCED INCOME CREDIT SELECT ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  | **Value**  |
| **WRITTEN OPTIONS - (0.1)%**<br>|  |  |  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,340.00 | $(58902174) | &nbsp;&nbsp;&nbsp;&nbsp;(86) | $(30530)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,415.00 | (58902174) | &nbsp;&nbsp;&nbsp;&nbsp;(86) | (41710)  |
| &nbsp;&nbsp;&nbsp; Expiration: 12/11/2025; Exercise Price: $6,480.00 | (58902174) | &nbsp;&nbsp;&nbsp;&nbsp;(86) | (56760)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $225,917)** |  |  | $(129000) |

---

Percentages are stated as a percent of net assets.

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

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

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

10<br>

------

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

**NEOS GOLD HIGH INCOME ETF** 

**CONSOLIDATED SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value** |
| **EXCHANGE TRADED FUNDS - 24.5%**<br>|  |  |
| Goldman Sachs Physical Gold ETF<sup>(a)</sup> | 1246415 | $51869560  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $45,644,062)** |  | 51869560 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount**  | **Contracts**  |  |
| **PURCHASED OPTIONS - 7.3%**<br>|  |  |  |
| **Call Options - 7.3%**<br>|  |  |  |
| SPDR Gold Shares<sup>(b)(c)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $354.00 | $161319292 | 4159 | 15430847  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $8,659,088)** |  |  | 15430847 |

---

---

| | | |
|:---|:---|:---|
|  | **Par**  |  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **U.S. TREASURY BILLS - 69.5%**<br>|  |  |
| 3.80%, 02/05/2026<sup>(d)</sup> | $147839000 | 146825317 |
| &nbsp;&nbsp;&nbsp; **TOTAL U.S. TREASURY BILLS** <br>**(Cost $146,817,584)** |  | 146825317 |

---

---

| | | |
|:---|:---|:---|
|  | **Shares**  |  |
| **MONEY MARKET FUNDS - 1.0%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(e)</sup> | 2115654 | 2115654  |
| Northern U.S. Government Select Money Market Fund, 3.68%<sup>(e)</sup> | 52760 | 52760  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $2,168,414)** |  | 2168414  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 102.3%** <br>**(Cost $203,289,148)** |  | $216294138  |
| Liabilities in Excess of Other Assets - (2.3)% |  | (4821083)  |
| **TOTAL NET ASSETS - 100.0%** |  | $211473055 |

---

Par amount is in USD unless otherwise indicated.

Percentages are stated as a percent of net assets.

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

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

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

<sup>(d)</sup> The rate shown is the annualized yield as of November 30, 2025.

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

11<br>

------

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

**NEOS GOLD HIGH INCOME ETF** 

**CONSOLIDATED SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.4)%**<br>|  |  |  |
| **Call Options - (1.1)%**<br>|  |  |  |
| SPDR Gold Shares<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $397.00 | $(58182000) | (1500) | $(1345500)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $406.00 | (58182000) | (1500) | (921000)  |
| **Total Call Options** |  |  | (2266500) |
| **Put Options - (0.3)%**<br>|  |  |  |
| SPDR Gold Shares<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $354.00 | (161319292) | (4159) | (615990)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,808,855)** |  |  | $(2882490) |

---

Percentages are stated as a percent of net assets.

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

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

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

12<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.0%**<br>|  |  |
| **Aerospace & Defense - 0.2%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 1448 | $782123  |
| **Automobiles - 3.3%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 26678 | 11476075  |
| **Beverages - 1.9%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 8454 | 775147  |
| Keurig Dr. Pepper, Inc. | 26093 | 727995  |
| Monster Beverage Corp.<sup>(a)</sup> | 18169 | 1362493  |
| PepsiCo, Inc. | 24723 | 3677299  |
|  |  | 6542934  |
| **Biotechnology - 2.9%**<br>|  |  |
| Amgen, Inc. | 9962 | 3441473  |
| Biogen, Inc.<sup>(a)</sup> | 2718 | 494921  |
| Gilead Sciences, Inc. | 22505 | 2832029  |
| Regeneron Pharmaceuticals, Inc. | 1929 | 1504986  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 4729 | 2050542  |
|  |  | 10323951  |
| **Broadline Retail - 6.2%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 78437 | 18293077  |
| MercadoLibre, Inc.<sup>(a)</sup> | 930 | 1926755  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 12412 | 1440785  |
|  |  | 21660617  |
| **Chemicals - 1.0%**<br>|  |  |
| Linde PLC | 8454 | 3468845  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 2949 | 140609  |
|  |  | 3609454  |
| **Commercial Services & Supplies - 0.6%**<br>|  |  |
| Cintas Corp. | 7420 | 1380268  |
| Copart, Inc.<sup>(a)</sup> | 17527 | 683203  |
|  |  | 2063471  |
| **Communications Equipment - 1.6%**<br>|  |  |
| Cisco Systems, Inc. | 71518 | 5502595  |
| **Consumer Staples Distribution & Retail - 2.1%**<br>|  |  |
| Costco Wholesale Corp. | 8011 | 7318769  |
| **Electric Utilities - 1.4%**<br>|  |  |
| American Electric Power Co., Inc. | 9852 | 1219382  |
| Constellation Energy Corp. | 5618 | 2046974  |
| Exelon Corp. | 18621 | 877422  |
| Xcel Energy, Inc. | 11021 | 904934  |
|  |  | 5048712  |
| **Electronic Equipment, Instruments & Components - 0.1%**<br>|  |  |
| CDW Corp. | 2509 | 361848  |

---

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

13<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.0% (Continued)** | **COMMON STOCKS - 99.0% (Continued)** | **COMMON STOCKS - 99.0% (Continued)** |
| **Energy Equipment & Services - 0.3%**<br>|  |  |
| Baker Hughes Co. | 18218 | $914544  |
| **Entertainment - 3.2%**<br>|  |  |
| Electronic Arts, Inc. | 4666 | 942672  |
| Netflix, Inc.<sup>(a)</sup> | 77106 | 8295063  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 3469 | 853617  |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 44897 | 1077528  |
|  |  | 11168880  |
| **Financial Services - 0.3%**<br>|  |  |
| PayPal Holdings, Inc. | 17739 | 1112058  |
| **Food Products - 0.5%**<br>|  |  |
| Kraft Heinz Co. | 22665 | 578184  |
| Mondelez International, Inc. - Class A | 23903 | 1376096  |
|  |  | 1954280  |
| **Ground Transportation - 0.5%**<br>|  |  |
| CSX Corp. | 34536 | 1221193  |
| Old Dominion Freight Line, Inc. | 4065 | 549954  |
|  |  | 1771147  |
| **Health Care Equipment & Supplies - 1.7%**<br>|  |  |
| Dexcom, Inc.<sup>(a)</sup> | 7505 | 476342  |
| GE HealthCare Technologies, Inc. | 8752 | 700073  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1476 | 1111251  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 6454 | 3701240  |
|  |  | 5988906  |
| **Hotels, Restaurants & Leisure - 2.5%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 8005 | 936505  |
| Booking Holdings, Inc. | 588 | 2889838  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 7555 | 1498685  |
| Marriott International, Inc. - Class A | 5020 | 1530046  |
| Starbucks Corp. | 21062 | 1834711  |
|  |  | 8689785  |
| **Industrial Conglomerates - 0.6%**<br>|  |  |
| Honeywell International, Inc. | 11505 | 2211146  |
| **Interactive Media & Services - 10.4%**<br>|  |  |
| Alphabet, Inc. - Class A | 42598 | 13639028  |
| Alphabet, Inc. - Class C | 39779 | 12734053  |
| Meta Platforms, Inc. - Class A | 15922 | 10316660  |
|  |  | 36689741  |
| **IT Services - 1.2%**<br>|  |  |
| Cognizant Technology Solutions Corp. - Class A | 9044 | 702809  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 21982 | 3487225  |
|  |  | 4190034  |

---

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

14<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.0% (Continued)** | **COMMON STOCKS - 99.0% (Continued)** | **COMMON STOCKS - 99.0% (Continued)** |
| **Machinery - 0.3%**<br>|  |  |
| PACCAR, Inc. | 9720 | $1024682  |
| **Media - 0.7%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 2521 | 504503  |
| Comcast Corp. - Class A | 66388 | 1771896  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 8599 | 340176  |
|  |  | 2616575  |
| **Oil, Gas & Consumable Fuels - 0.2%**<br>|  |  |
| Diamondback Energy, Inc. | 5342 | 815136  |
| **Pharmaceuticals - 0.3%**<br>|  |  |
| AstraZeneca PLC - ADR | 10882 | 1008979  |
| **Professional Services - 1.2%**<br>|  |  |
| Automatic Data Processing, Inc. | 7317 | 1868030  |
| Paychex, Inc. | 6645 | 742180  |
| Thomson Reuters Corp. | 8307 | 1125017  |
| Verisk Analytics, Inc. | 2603 | 585857  |
|  |  | 4321084  |
| **Real Estate Management & Development - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 8061 | 554597  |
| **Semiconductors & Semiconductor Equipment - 26.4%<sup>(b)</sup>**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 29228 | 6357967  |
| Analog Devices, Inc. | 8871 | 2353831  |
| Applied Materials, Inc. | 14373 | 3625589  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 2552 | 345949  |
| ASML Holding NV | 1531 | 1622860  |
| Broadcom, Inc. | 57016 | 22975167  |
| GlobalFoundries, Inc.<sup>(a)</sup> | 10293 | 368901  |
| Intel Corp.<sup>(a)</sup> | 79073 | 3207201  |
| KLA Corp. | 2384 | 2802320  |
| Lam Research Corp. | 22866 | 3567096  |
| Marvell Technology, Inc. | 15526 | 1388024  |
| Microchip Technology, Inc. | 10339 | 553964  |
| Micron Technology, Inc. | 20048 | 4740951  |
| NVIDIA Corp. | 178290 | 31557330  |
| NXP Semiconductors NV | 4685 | 913294  |
| ON Semiconductor Corp.<sup>(a)</sup> | 7998 | 401820  |
| QUALCOMM, Inc. | 19520 | 3281117  |
| Texas Instruments, Inc. | 16484 | 2773763  |
|  |  | 92837144  |
| **Software - 16.3%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 7662 | 2452836  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 5538 | 3319920  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 3064 | 458129  |

---

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

15<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.0% (Continued)** | **COMMON STOCKS - 99.0% (Continued)** | **COMMON STOCKS - 99.0% (Continued)** |
| **Software - 16.3% (Continued)** | **Software - 16.3% (Continued)** | **Software - 16.3% (Continued)** |
| Autodesk, Inc.<sup>(a)</sup> | 3989 | $1210023  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 4923 | 1535188  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 4528 | 2305477  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 6018 | 962940  |
| Fortinet, Inc.<sup>(a)</sup> | 14151 | 1148071  |
| Intuit, Inc. | 5040 | 3195763  |
| Microsoft Corp. | 54509 | 26818973  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 40999 | 6906282  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 12082 | 2297151  |
| Roper Technologies, Inc. | 1986 | 886193  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 4830 | 855780  |
| Synopsys, Inc.<sup>(a)</sup> | 3422 | 1430430  |
| Workday, Inc. - Class A<sup>(a)</sup> | 3994 | 861186  |
| Zscaler, Inc.<sup>(a)</sup> | 2804 | 705206  |
|  |  | 57349548  |
| **Specialty Retail - 0.8%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 15760 | 1602792  |
| Ross Stores, Inc. | 6025 | 1062569  |
|  |  | 2665361  |
| **Technology Hardware, Storage & Peripherals - 8.6%**<br>|  |  |
| Apple, Inc. | 108961 | 30383775  |
| **Textiles, Apparel & Luxury Goods - 0.1%**<br>|  |  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 2203 | 405748  |
| **Trading Companies & Distributors - 0.2%**<br>|  |  |
| Fastenal Co. | 21201 | 856520  |
| **Wireless Telecommunication Services - 1.2%**<br>|  |  |
| T-Mobile US, Inc. | 20327 | 4248546  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $201,775,373)** |  | 348468765 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** |  |
| **PURCHASED OPTIONS - 1.1%**<br>|  |  |  |
| **Put Options - 1.1%**<br>|  |  |  |
| NASDAQ 100 Index<sup>(c)(d)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $24,100.00 | $348457993 | 137 | 3853125  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $4,082,426)** |  |  | 3853125 |

---

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

16<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.6%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(e)</sup> | 1985018 | $1985018  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,985,018)** |  | 1985018  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.7%** <br>**(Cost $207,842,817)** |  | $354306908  |
| Liabilities in Excess of Other Assets - (0.7)% |  | (2613727)  |
| **TOTAL NET ASSETS - 100.0%** |  | $351693181 |

---

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

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

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

<sup>(e)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

17<br>

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

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

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.7)%**<br>|  |  |  |
| **Call Options - (1.3)%**<br>|  |  |  |
| NASDAQ 100 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $26,100.00 | $(259435878) | &nbsp;&nbsp;&nbsp;&nbsp;(102) | $(4410480)  |
| **Put Options - (0.4)%**<br>|  |  |  |
| NASDAQ 100 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $22,500.00 | (348457993) | &nbsp;&nbsp;&nbsp;&nbsp;(137) | (1520700)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $5,835,520)** |  |  | $(5931180) |

---

Percentages are stated as a percent of net assets.

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

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

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

18<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.7%**<br>|  |  |
| **Aerospace & Defense - 0.2%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 26662 | $14401213  |
| **Automobiles - 3.3%**<br>|  |  |
| Tesla, Inc.<sup>(a)</sup> | 504655 | 217087441  |
| **Beverages - 1.9%**<br>|  |  |
| Coca-Cola Europacific Partners PLC | 160263 | 14694515  |
| Keurig Dr. Pepper, Inc. | 490967 | 13697979  |
| Monster Beverage Corp.<sup>(a)</sup> | 353601 | 26516539  |
| PepsiCo, Inc. | 479996 | 71394605  |
|  |  | 126303638  |
| **Biotechnology - 2.9%**<br>|  |  |
| Amgen, Inc. | 184535 | 63749461  |
| Biogen, Inc.<sup>(a)</sup> | 50494 | 9194452  |
| Gilead Sciences, Inc. | 437916 | 55107349  |
| Regeneron Pharmaceuticals, Inc. | 37374 | 29158821  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 89821 | 38947284  |
|  |  | 196157367  |
| **Broadline Retail - 6.1%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 1492563 | 348095543  |
| MercadoLibre, Inc.<sup>(a)</sup> | 16136 | 33430242  |
| PDD Holdings, Inc. - ADR<sup>(a)</sup> | 238888 | 27730119  |
|  |  | 409255904  |
| **Chemicals - 1.0%**<br>|  |  |
| Linde PLC | 163557 | 67110708  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 54860 | 2615725  |
|  |  | 69726433  |
| **Commercial Services & Supplies - 0.6%**<br>|  |  |
| Cintas Corp. | 139978 | 26038707  |
| Copart, Inc.<sup>(a)</sup> | 347803 | 13557361  |
|  |  | 39596068  |
| **Communications Equipment - 1.6%**<br>|  |  |
| Cisco Systems, Inc. | 1359705 | 104615703  |
| **Consumer Staples Distribution & Retail - 2.1%**<br>|  |  |
| Costco Wholesale Corp. | 153876 | 140579575  |
| **Electric Utilities - 1.5%**<br>|  |  |
| American Electric Power Co., Inc. | 186621 | 23098081  |
| Constellation Energy Corp. | 109355 | 39844588  |
| Exelon Corp. | 353457 | 16654894  |
| Xcel Energy, Inc. | 206972 | 16994471  |
|  |  | 96592034  |

---

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

19<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.7% (Continued)** | **COMMON STOCKS - 99.7% (Continued)** | **COMMON STOCKS - 99.7% (Continued)** |
| **Electronic Equipment, Instruments & Components - 0.1%**<br>|  |  |
| CDW Corp. | 43510 | $6275012  |
| **Energy Equipment & Services - 0.3%**<br>|  |  |
| Baker Hughes Co. | 345600 | 17349120  |
| **Entertainment - 3.2%**<br>|  |  |
| Electronic Arts, Inc. | 88378 | 17855008  |
| Netflix, Inc.<sup>(a)</sup> | 1469735 | 158114091  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 63860 | 15714030  |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 867856 | 20828544  |
|  |  | 212511673  |
| **Financial Services - 0.3%**<br>|  |  |
| PayPal Holdings, Inc. | 334086 | 20943851  |
| **Food Products - 0.6%**<br>|  |  |
| Kraft Heinz Co. | 428533 | 10931877  |
| Mondelez International, Inc. - Class A | 453653 | 26116803  |
|  |  | 37048680  |
| **Ground Transportation - 0.5%**<br>|  |  |
| CSX Corp. | 655913 | 23193084  |
| Old Dominion Freight Line, Inc. | 74488 | 10077481  |
|  |  | 33270565  |
| **Health Care Equipment & Supplies - 1.7%**<br>|  |  |
| Dexcom, Inc.<sup>(a)</sup> | 138739 | 8805764  |
| GE HealthCare Technologies, Inc. | 170815 | 13663492  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 27229 | 20500170  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 126217 | 72382925  |
|  |  | 115352351  |
| **Hotels, Restaurants & Leisure - 2.2%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 149858 | 17531887  |
| Booking Holdings, Inc. | 7658 | 37636696  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 140251 | 27821591  |
| Marriott International, Inc. - Class A | 98633 | 30062352  |
| Starbucks Corp. | 400162 | 34858112  |
|  |  | 147910638  |
| **Industrial Conglomerates - 0.6%**<br>|  |  |
| Honeywell International, Inc. | 222473 | 42757086  |
| **Interactive Media & Services - 10.6%**<br>|  |  |
| Alphabet, Inc. - Class A | 816806 | 261524945  |
| Alphabet, Inc. - Class C | 763352 | 244364242  |
| Meta Platforms, Inc. - Class A | 305524 | 197964276  |
|  |  | 703853463  |

---

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

20<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.7% (Continued)** | **COMMON STOCKS - 99.7% (Continued)** | **COMMON STOCKS - 99.7% (Continued)** |
| **IT Services - 1.2%**<br>|  |  |
| Cognizant Technology Solutions Corp. - Class A | 171697 | $13342574  |
| Shopify, Inc. - Class A<sup>(a)</sup> | 425375 | 67481490  |
|  |  | 80824064  |
| **Machinery - 0.3%**<br>|  |  |
| PACCAR, Inc. | 187469 | 19762982  |
| **Media - 0.8%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 50082 | 10022410  |
| Comcast Corp. - Class A | 1294046 | 34538088  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 170809 | 6757204  |
|  |  | 51317702  |
| **Oil, Gas & Consumable Fuels - 0.2%**<br>|  |  |
| Diamondback Energy, Inc. | 102025 | 15567995  |
| **Pharmaceuticals - 0.3%**<br>|  |  |
| AstraZeneca PLC - ADR | 206478 | 19144640  |
| **Professional Services - 1.2%**<br>|  |  |
| Automatic Data Processing, Inc. | 140979 | 35991939  |
| Paychex, Inc. | 125637 | 14032397  |
| Thomson Reuters Corp. | 160154 | 21689656  |
| Verisk Analytics, Inc. | 49877 | 11225816  |
|  |  | 82939808  |
| **Real Estate Management & Development - 0.2%**<br>|  |  |
| CoStar Group, Inc.<sup>(a)</sup> | 147746 | 10164925  |
| **Semiconductors & Semiconductor Equipment - 26.6%<sup>(b)</sup>**<br>|  |  |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 558228 | 121431337  |
| Analog Devices, Inc. | 171994 | 45636888  |
| Applied Materials, Inc. | 280265 | 70696846  |
| ARM Holdings PLC - ADR<sup>(a)</sup> | 48520 | 6577371  |
| ASML Holding NV | 28942 | 30678520  |
| Broadcom, Inc. | 1081347 | 435739587  |
| GlobalFoundries, Inc.<sup>(a)</sup> | 216159 | 7747139  |
| Intel Corp.<sup>(a)</sup> | 1535482 | 62279150  |
| KLA Corp. | 43447 | 51070645  |
| Lam Research Corp. | 444632 | 69362592  |
| Marvell Technology, Inc. | 303863 | 27165352  |
| Microchip Technology, Inc. | 188473 | 10098383  |
| Micron Technology, Inc. | 383371 | 90659574  |
| NVIDIA Corp. | 3391763 | 600342051  |
| NXP Semiconductors NV | 89140 | 17376952  |
| ON Semiconductor Corp.<sup>(a)</sup> | 159180 | 7997203  |
| QUALCOMM, Inc. | 378971 | 63701236  |
| Texas Instruments, Inc. | 317651 | 53451134  |
|  |  | 1772011960  |

---

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

21<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **COMMON STOCKS - 99.7% (Continued)** | **COMMON STOCKS - 99.7% (Continued)** | **COMMON STOCKS - 99.7% (Continued)** |
| **Software - 16.5%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 150234 | $48094410  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 105273 | 63109058  |
| Atlassian Corp. - Class A<sup>(a)</sup> | 61391 | 9179182  |
| Autodesk, Inc.<sup>(a)</sup> | 75334 | 22851816  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 94362 | 29425846  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 87726 | 44666570  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 112808 | 18050408  |
| Fortinet, Inc.<sup>(a)</sup> | 272443 | 22103301  |
| Intuit, Inc. | 97625 | 61902060  |
| Microsoft Corp. | 1039349 | 511370101  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 780582 | 131489038  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 236943 | 45049973  |
| Roper Technologies, Inc. | 37966 | 16941189  |
| Strategy, Inc. - Class A<sup>(a)</sup> | 88875 | 15746872  |
| Synopsys, Inc.<sup>(a)</sup> | 64538 | 26977529  |
| Workday, Inc. - Class A<sup>(a)</sup> | 76049 | 16397685  |
| Zscaler, Inc.<sup>(a)</sup> | 53369 | 13422304  |
|  |  | 1096777342  |
| **Specialty Retail - 0.8%**<br>|  |  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 305296 | 31048603  |
| Ross Stores, Inc. | 115374 | 20347359  |
|  |  | 51395962  |
| **Technology Hardware, Storage & Peripherals - 8.7%**<br>|  |  |
| Apple, Inc. | 2075012 | 578617096  |
| **Textiles, Apparel & Luxury Goods - 0.1%**<br>|  |  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 39740 | 7319313  |
| **Trading Companies & Distributors - 0.3%**<br>|  |  |
| Fastenal Co. | 415008 | 16766323  |
| **Wireless Telecommunication Services - 1.2%**<br>|  |  |
| T-Mobile US, Inc. | 395000 | 82558950  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,940,395,738)** |  | 6636756877  |

---

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

22<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(c)</sup> | 32637624 | $32637624  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $32,637,624)** |  | 32637624  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%** <br>**(Cost $5,973,033,362)** |  | $6669394501  |
| Liabilities in Excess of Other Assets - (0.2)% |  | (11726978)  |
| **TOTAL NET ASSETS - 100.0%** |  | $6657667523 |

---

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

23<br>

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

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

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%**<br>|  |  |  |
| **Call Options - (0.9)%**<br>|  |  |  |
| NASDAQ 100 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $26,000.00 | $(1989008398) | &nbsp;&nbsp;&nbsp;&nbsp;(782) | $(37344410)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $26,400.00 | (1989008398) | &nbsp;&nbsp;&nbsp;&nbsp;(782) | (24609540)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $59,000,367)** |  |  | $(61953950) |

---

Percentages are stated as a percent of net assets.

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

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

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

24<br>

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

**NEOS REAL ESTATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 92.2%**<br>|  |  |
| **Diversified REITs - 1.1%**<br>|  |  |
| WP Carey, Inc. | 26055 | $1755325  |
| **Health Care REITs - 16.5%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 18256 | 979799  |
| Healthcare Realty Trust, Inc. | 41990 | 765478  |
| Healthpeak Properties, Inc. | 83596 | 1526463  |
| Omega Healthcare Investors, Inc. | 33554 | 1540800  |
| Sabra Health Care REIT, Inc. | 27967 | 545636  |
| Ventas, Inc. | 52082 | 4199372  |
| Welltower, Inc. | 77668 | 16172031  |
|  |  | 25729579  |
| **Hotel & Resort REITs - 1.0%**<br>|  |  |
| Host Hotels & Resorts, Inc. | 83001 | 1463308  |
| **Industrial REITs - 11.8%**<br>|  |  |
| Americold Realty Trust, Inc. | 31051 | 336282  |
| EastGroup Properties, Inc. | 5983 | 1084000  |
| First Industrial Realty Trust, Inc. | 15654 | 896035  |
| Lineage, Inc. | 6906 | 247373  |
| Prologis, Inc. | 107802 | 13855791  |
| Rexford Industrial Realty, Inc. | 26721 | 1111861  |
| STAG Industrial, Inc. – Class A | 22017 | 864828  |
|  |  | 18396170  |
| **Mortgage Real Estate Investment Trusts REITs - 2.6%**<br>|  |  |
| AGNC Investment Corp. | 107146 | 1123962  |
| Annaly Capital Management, Inc. | 68968 | 1572470  |
| Rithm Capital Corp. | 61795 | 710025  |
| Starwood Property Trust, Inc. | 38219 | 700936  |
|  |  | 4107393  |
| **Office REITs - 1.9%**<br>|  |  |
| BXP, Inc. | 17219 | 1245967  |
| Cousins Properties, Inc. | 19821 | 510985  |
| Kilroy Realty Corp. | 12530 | 537412  |
| Vornado Realty Trust | 19507 | 718248  |
|  |  | 3012612  |
| **Residential REITs - 11.9%**<br>|  |  |
| American Homes 4 Rent - Class A | 37611 | 1208065  |
| AvalonBay Communities, Inc. | 16706 | 3039490  |
| Camden Property Trust | 12623 | 1342330  |
| Equity LifeStyle Properties, Inc. | 22653 | 1424194  |
| Equity Residential | 40701 | 2513287  |
| Essex Property Trust, Inc. | 7530 | 1985059  |
| Invitation Homes, Inc. | 67995 | 1917459  |

---

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

25<br>

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

**NEOS REAL ESTATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 92.2% (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 92.2% (Continued)** | **REAL ESTATE INVESTMENT TRUSTS - COMMON - 92.2% (Continued)** |
| **Residential REITs - 11.9% (Continued)**  | **Residential REITs - 11.9% (Continued)**  | **Residential REITs - 11.9% (Continued)**  |
| Mid-America Apartment Communities, Inc. | 13786 | $1873379  |
| Sun Communities, Inc. | 14189 | 1828111  |
| UDR, Inc. | 35749 | 1301978  |
|  |  | 18433352  |
| **Retail REITs - 12.6%**<br>|  |  |
| Agree Realty Corp. | 12635 | 950405  |
| Brixmor Property Group, Inc. | 36347 | 950111  |
| Federal Realty Investment Trust | 9085 | 896962  |
| Kimco Realty Corp. | 80808 | 1669493  |
| NNN REIT, Inc. | 22303 | 922229  |
| Realty Income Corp. | 104365 | 6012468  |
| Regency Centers Corp. | 19222 | 1367837  |
| Simon Property Group, Inc. | 36379 | 6778135  |
|  |  | 19547640  |
| **Specialized REITs - 32.8%<sup>(a)</sup>**<br>|  |  |
| American Tower Corp. | 54482 | 9875952  |
| Crown Castle, Inc. | 51964 | 4743274  |
| CubeSmart | 26987 | 1004726  |
| Digital Realty Trust, Inc. | 37628 | 6024995  |
| Equinix, Inc. | 9008 | 6785816  |
| Extra Space Storage, Inc. | 25128 | 3346296  |
| Gaming and Leisure Properties, Inc. | 32617 | 1419818  |
| Iron Mountain, Inc. | 34810 | 3005843  |
| Lamar Advertising Co. - Class A | 10348 | 1369972  |
| Millrose Properties, Inc. - Class A | 14199 | 432502  |
| Public Storage | 18580 | 5100953  |
| SBA Communications Corp. | 12641 | 2455767  |
| VICI Properties, Inc. | 125901 | 3628467  |
| Weyerhaeuser Co. | 86409 | 1919144  |
|  |  | 51113525  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $142,432,664)** |  | 143558904  |
| **COMMON STOCKS - 8.2%**<br>|  |  |
| **Real Estate Management & Development - 8.2%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(b)</sup> | 35123 | 5683955  |
| CoStar Group, Inc.<sup>(b)</sup> | 50202 | 3453897  |
| Jones Lang LaSalle, Inc.<sup>(b)</sup> | 5459 | 1777942  |
| Zillow Group, Inc. - Class A<sup>(b)</sup> | 6289 | 455009  |
| Zillow Group, Inc. - Class C<sup>(b)</sup> | 18876 | 1403997  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $12,587,823)** |  | 12774800  |

---

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

26<br>

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

**NEOS REAL ESTATE HIGH INCOME ETF** 

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares**  | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.3%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(c)</sup> | 395048 | $395048  |
| Northern US Government Money Market Fund, 3.69%<sup>(c)</sup> | 117407 | 117407  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $512,455)** |  | 512455  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.7%**<br>**(Cost $155,532,942)** |  | $156846159  |
| Liabilities in Excess of Other Assets - (0.7)% |  | (1148196)  |
| **TOTAL NET ASSETS - 100.0%** |  | $155697963 |

---

Percentages are stated as a percent of net assets.

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

REIT - Real Estate Investment Trust

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

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

<sup>(c)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

27<br>

------

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

**NEOS REAL ESTATE HIGH INCOME ETF** 

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value** |
| **WRITTEN OPTIONS - (0.8)%**<br>|  |  |  |
| **Call Options - (0.8)%**<br>|  |  |  |
| iShares U.S. Real Estate ETF<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $98.00 | $(58653570) | (6053) | $(762678) |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $99.00 | (58653570) | (6053) | (556876)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $1,307,222)** |  |  | $(1319554) |

---

Percentages are stated as a percent of net assets.

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

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

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

28<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **EXCHANGE TRADED FUNDS - 100.3%**<br>|  |  |
| Vanguard Russell 2000 ETF<sup>(a)</sup> | 3874936 | $389741063  |
| &nbsp;&nbsp;&nbsp; **TOTAL EXCHANGE TRADED FUNDS** <br>**(Cost $356,180,386)** |  | 389741063  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(b)</sup> | 1471361 | 1471361  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $1,471,361)** |  | 1471361  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.7%** <br>**(Cost $357,651,747)** |  | $391212424  |
| Liabilities in Excess of Other Assets - (0.7)% |  | (2774376)  |
| **TOTAL NET ASSETS - 100.0%** |  | $388438048 |

---

Percentages are stated as a percent of net assets.

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

<sup>(b)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

29<br>

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

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (1.0)%**<br>|  |  |  |
| **Call Options - (1.0)%**<br>|  |  |  |
| Russell 2000 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $2,560.00 | $(126271917) | &nbsp;&nbsp;&nbsp;&nbsp;(505) | $(2464400)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $2,610.00 | (126271917) | &nbsp;&nbsp;&nbsp;&nbsp;(505) | (1580650)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $3,912,721)** |  |  | $(4045050) |

---

Percentages are stated as a percent of net assets.

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

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

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

30<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** | **COMMON STOCKS - 97.7%** |
| **Aerospace & Defense - 1.9%** | **Aerospace & Defense - 1.9%** | **Aerospace & Defense - 1.9%** |
| Axon Enterprise, Inc.<sup>(a)</sup> | 3 | $1620  |
| Boeing Co.<sup>(a)</sup> | 235 | 44415  |
| General Dynamics Corp. | 70 | 23914  |
| General Electric Co. | 335 | 99981  |
| Howmet Aerospace, Inc. | 132 | 27006  |
| L3Harris Technologies, Inc. | 66 | 18394  |
| Lockheed Martin Corp. | 66 | 30219  |
| Northrop Grumman Corp. | 33 | 18884  |
| RTX Corp. | 431 | 75386  |
| Textron, Inc. | 66 | 5489  |
| TransDigm Group, Inc. | 3 | 4080  |
|  |  | 349388  |
| **Air Freight & Logistics - 0.3%** | **Air Freight & Logistics - 0.3%** | **Air Freight & Logistics - 0.3%** |
| C.H. Robinson Worldwide, Inc. | 33 | 5243  |
| Expeditors International of Washington, Inc. | 33 | 4848  |
| FedEx Corp. | 66 | 18195  |
| United Parcel Service, Inc. - Class B | 264 | 25288  |
|  |  | 53574  |
| **Automobile Components - 0.0%<sup>(b)</sup>** | **Automobile Components - 0.0%<sup>(b)</sup>** | **Automobile Components - 0.0%<sup>(b)</sup>** |
| Aptiv PLC<sup>(a)</sup> | 66 | 5118  |
| **Automobiles - 2.3%** | **Automobiles - 2.3%** | **Automobiles - 2.3%** |
| Ford Motor Co. | 1353 | 17968  |
| General Motors Co. | 330 | 24262  |
| Tesla, Inc.<sup>(a)</sup> | 871 | 374678  |
|  |  | 416908  |
| **Banks - 3.6%** | **Banks - 3.6%** | **Banks - 3.6%** |
| Bank of America Corp. | 2148 | 115240  |
| Citigroup, Inc. | 599 | 62056  |
| Citizens Financial Group, Inc. | 165 | 8927  |
| Fifth Third Bancorp | 231 | 10039  |
| Huntington Bancshares, Inc. | 495 | 8069  |
| JPMorgan Chase & Co. | 858 | 268623  |
| KeyCorp | 330 | 6065  |
| M&T Bank Corp. | 66 | 12555  |
| PNC Financial Services Group, Inc. | 132 | 25175  |
| Regions Financial Corp. | 297 | 7559  |
| Truist Financial Corp. | 462 | 21483  |
| US Bancorp | 528 | 25898  |
| Wells Fargo & Co. | 1006 | 86365  |
|  |  | 658054  |
| **Beverages - 1.1%** | **Beverages - 1.1%** | **Beverages - 1.1%** |
| Brown-Forman Corp. - Class B | 66 | 1913  |
| Coca-Cola Co. | 1256 | 91839  |
| Constellation Brands, Inc. - Class A | 66 | 9001  |

---

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

31<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Beverages - 1.1%(Continued)** | **Beverages - 1.1%(Continued)** | **Beverages - 1.1%(Continued)** |
| Keurig Dr. Pepper, Inc. | 396 | $11048  |
| Molson Coors Beverage Co. - Class B | 66 | 3069  |
| Monster Beverage Corp.<sup>(a)</sup> | 231 | 17323  |
| PepsiCo, Inc. | 431 | 64107  |
|  |  | 198300  |
| **Biotechnology - 1.7%** | **Biotechnology - 1.7%** | **Biotechnology - 1.7%** |
| AbbVie, Inc. | 565 | 128651  |
| Amgen, Inc. | 168 | 58037  |
| Biogen, Inc.<sup>(a)</sup> | 66 | 12018  |
| Gilead Sciences, Inc. | 391 | 49204  |
| Incyte Corp.<sup>(a)</sup> | 66 | 6894  |
| Moderna, Inc.<sup>(a)</sup> | 132 | 3429  |
| Regeneron Pharmaceuticals, Inc. | 33 | 25746  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 70 | 30353  |
|  |  | 314332  |
| **Broadline Retail - 4.0%** | **Broadline Retail - 4.0%** | **Broadline Retail - 4.0%** |
| Amazon.com, Inc.<sup>(a)</sup> | 3028 | 706190  |
| eBay, Inc. | 165 | 13661  |
|  |  | 719851  |
| **Building Products - 0.5%** | **Building Products - 0.5%** | **Building Products - 0.5%** |
| A.O. Smith Corp. - Class A | 33 | 2177  |
| Allegion PLC | 33 | 5479  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 33 | 3704  |
| Carrier Global Corp. | 264 | 14488  |
| Johnson Controls International PLC | 231 | 26868  |
| Masco Corp. | 66 | 4281  |
| Trane Technologies PLC | 66 | 27818  |
|  |  | 84815  |
| **Capital Markets - 3.1%** | **Capital Markets - 3.1%** | **Capital Markets - 3.1%** |
| Ameriprise Financial, Inc. | 33 | 15039  |
| Bank of New York Mellon Corp. | 231 | 25895  |
| Blackrock, Inc. | 35 | 36656  |
| Blackstone, Inc. | 231 | 33823  |
| Cboe Global Markets, Inc. | 33 | 8520  |
| Charles Schwab Corp. | 536 | 49703  |
| CME Group, Inc. - Class A | 103 | 28990  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 34 | 9276  |
| Franklin Resources, Inc. | 99 | 2236  |
| Goldman Sachs Group, Inc. | 99 | 81778  |
| Interactive Brokers Group, Inc. - Class A | 105 | 6827  |
| Intercontinental Exchange, Inc. | 198 | 31145  |
| Invesco Ltd. | 165 | 4034  |
| KKR & Co., Inc. | 231 | 28254  |
| Moody's Corp. | 37 | 18159  |

---

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

32<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Capital Markets - 3.1%(Continued)** | **Capital Markets - 3.1%(Continued)** | **Capital Markets - 3.1%(Continued)** |
| Morgan Stanley | 398 | $67525  |
| MSCI, Inc. | 5 | 2819  |
| Nasdaq, Inc. | 132 | 12001  |
| Northern Trust Corp. | 66 | 8669  |
| Raymond James Financial, Inc. | 66 | 10332  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 179 | 23000  |
| S&P Global, Inc. | 99 | 49384  |
| State Street Corp. | 99 | 11783  |
| T. Rowe Price Group, Inc. | 66 | 6757  |
|  |  | 572605  |
| **Chemicals - 1.0%** | **Chemicals - 1.0%** | **Chemicals - 1.0%** |
| Air Products and Chemicals, Inc. | 66 | 17229  |
| Albemarle Corp. | 33 | 4290  |
| CF Industries Holdings, Inc. | 66 | 5194  |
| Corteva, Inc. | 231 | 15586  |
| Dow, Inc. | 231 | 5509  |
| DuPont de Nemours, Inc. | 132 | 5250  |
| Ecolab, Inc. | 70 | 19261  |
| International Flavors & Fragrances, Inc. | 99 | 6878  |
| Linde PLC | 137 | 56214  |
| LyondellBasell Industries NV - Class A | 99 | 4850  |
| Mosaic Co. | 99 | 2424  |
| PPG Industries, Inc. | 66 | 6603  |
| Sherwin-Williams Co. | 66 | 22684  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 48 | 2277  |
|  |  | 174249  |
| **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** | **Commercial Services & Supplies - 0.5%** |
| Cintas Corp. | 102 | 18974  |
| Copart, Inc.<sup>(a)</sup> | 297 | 11577  |
| Republic Services, Inc. | 66 | 14326  |
| Rollins, Inc. | 99 | 6086  |
| Veralto Corp. | 99 | 10021  |
| Waste Management, Inc. | 132 | 28759  |
|  |  | 89743  |
| **Communications Equipment - 0.9%** | **Communications Equipment - 0.9%** | **Communications Equipment - 0.9%** |
| Arista Networks, Inc.<sup>(a)</sup> | 332 | 43386  |
| Cisco Systems, Inc. | 1288 | 99099  |
| F5, Inc.<sup>(a)</sup> | 4 | 956  |
| Motorola Solutions, Inc. | 37 | 13678  |
|  |  | 157119  |
| **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** | **Construction & Engineering - 0.1%** |
| EMCOR Group, Inc. | 6 | 3690  |
| Quanta Services, Inc. | 37 | 17201  |
|  |  | 20891  |

---

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

33<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Construction Materials - 0.1%** | **Construction Materials - 0.1%** | **Construction Materials - 0.1%** |
| Martin Marietta Materials, Inc. | 4 | $2493  |
| Vulcan Materials Co. | 33 | 9809  |
|  |  | 12302  |
| **Consumer Finance - 0.6%** | **Consumer Finance - 0.6%** | **Consumer Finance - 0.6%** |
| American Express Co. | 169 | 61731  |
| Capital One Financial Corp. | 201 | 44033  |
| Synchrony Financial | 132 | 10211  |
|  |  | 115975  |
| **Consumer Staples Distribution & Retail - 1.9%** | **Consumer Staples Distribution & Retail - 1.9%** | **Consumer Staples Distribution & Retail - 1.9%** |
| Costco Wholesale Corp. | 135 | 123335  |
| Dollar General Corp. | 66 | 7226  |
| Dollar Tree, Inc.<sup>(a)</sup> | 66 | 7314  |
| Kroger Co. | 231 | 15542  |
| Sysco Corp. | 165 | 12573  |
| Target Corp. | 165 | 14952  |
| Walmart, Inc. | 1420 | 156924  |
|  |  | 337866  |
| **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** | **Containers & Packaging - 0.2%** |
| Amcor PLC | 495 | 4217  |
| Avery Dennison Corp. | 33 | 5688  |
| Ball Corp. | 99 | 4904  |
| International Paper Co. | 198 | 7817  |
| Packaging Corp. of America | 33 | 6734  |
| Smurfit WestRock PLC | 165 | 5889  |
|  |  | 35249  |
| **Distributors - 0.0%<sup>(b)</sup>** | **Distributors - 0.0%<sup>(b)</sup>** | **Distributors - 0.0%<sup>(b)</sup>** |
| Genuine Parts Co. | 33 | 4303  |
| LKQ Corp. | 99 | 2940  |
|  |  | 7243  |
| **Diversified Telecommunication Services - 0.6%** | **Diversified Telecommunication Services - 0.6%** | **Diversified Telecommunication Services - 0.6%** |
| AT&T, Inc. | 2250 | 58545  |
| Verizon Communications, Inc. | 1359 | 55868  |
|  |  | 114413  |
| **Electric Utilities - 1.6%** | **Electric Utilities - 1.6%** | **Electric Utilities - 1.6%** |
| Alliant Energy Corp. | 99 | 6877  |
| American Electric Power Co., Inc. | 198 | 24506  |
| Constellation Energy Corp. | 99 | 36072  |
| Duke Energy Corp. | 264 | 32720  |
| Edison International | 132 | 7773  |
| Entergy Corp. | 132 | 12873  |
| Evergy, Inc. | 66 | 5125  |
| Eversource Energy | 132 | 8868  |

---

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

34<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Electric Utilities - 1.6%(Continued)** | **Electric Utilities - 1.6%(Continued)** | **Electric Utilities - 1.6%(Continued)** |
| Exelon Corp. | 330 | $15550  |
| FirstEnergy Corp. | 165 | 7874  |
| NextEra Energy, Inc. | 648 | 55916  |
| NRG Energy, Inc. | 66 | 11186  |
| PG&E Corp. | 759 | 12235  |
| Pinnacle West Capital Corp. | 33 | 2998  |
| PPL Corp. | 264 | 9742  |
| Southern Co. | 363 | 33077  |
| Xcel Energy, Inc. | 198 | 16258  |
|  |  | 299650  |
| **Electrical Equipment - 0.8%** | **Electrical Equipment - 0.8%** | **Electrical Equipment - 0.8%** |
| AMETEK, Inc. | 66 | 13061  |
| Eaton Corp. PLC | 132 | 45657  |
| Emerson Electric Co. | 198 | 26409  |
| GE Vernova, Inc. | 71 | 42584  |
| Generac Holdings, Inc.<sup>(a)</sup> | 33 | 5004  |
| Hubbell, Inc. | 4 | 1726  |
| Rockwell Automation, Inc. | 33 | 13063  |
|  |  | 147504  |
| **Electronic Equipment, Instruments & Components - 0.7%** | **Electronic Equipment, Instruments & Components - 0.7%** | **Electronic Equipment, Instruments & Components - 0.7%** |
| Amphenol Corp. - Class A | 396 | 55796  |
| CDW Corp. | 33 | 4759  |
| Corning, Inc. | 264 | 22229  |
| Jabil, Inc. | 33 | 6953  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 66 | 13065  |
| TE Connectivity PLC | 99 | 22389  |
| Trimble, Inc.<sup>(a)</sup> | 99 | 8061  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 4 | 1011  |
|  |  | 134263  |
| **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** | **Energy Equipment & Services - 0.2%** |
| Baker Hughes Co. | 330 | 16566  |
| Halliburton Co. | 297 | 7787  |
| SLB Ltd. | 462 | 16743  |
|  |  | 41096  |
| **Entertainment - 1.5%** | **Entertainment - 1.5%** | **Entertainment - 1.5%** |
| Electronic Arts, Inc. | 66 | 13334  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 66 | 8676  |
| Netflix, Inc.<sup>(a)</sup> | 1320 | 142005  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 66 | 16241  |
| TKO Group Holdings, Inc. – Class A | 33 | 6398  |
| Walt Disney Co. | 594 | 62055  |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 792 | 19008  |
|  |  | 267717  |

---

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

35<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Financial Services - 4.0%** | **Financial Services - 4.0%** | **Financial Services - 4.0%** |
| Apollo Global Management, Inc. | 165 | $21755  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 576 | 295955  |
| Block, Inc. - Class A<sup>(a)</sup> | 167 | 11156  |
| Corpay, Inc.<sup>(a)</sup> | 33 | 9761  |
| Fidelity National Information Services, Inc. | 198 | 13022  |
| Fiserv, Inc.<sup>(a)</sup> | 198 | 12171  |
| Global Payments, Inc. | 99 | 7500  |
| Jack Henry & Associates, Inc. | 33 | 5758  |
| Mastercard, Inc. - Class A | 264 | 145340  |
| PayPal Holdings, Inc. | 330 | 20688  |
| Visa, Inc. - Class A | 534 | 178591  |
|  |  | 721697  |
| **Food Products - 0.6%** | **Food Products - 0.6%** | **Food Products - 0.6%** |
| Archer-Daniels-Midland Co. | 165 | 10022  |
| Bunge Global SA | 33 | 3170  |
| Conagra Brands, Inc. | 165 | 2945  |
| General Mills, Inc. | 198 | 9375  |
| Hershey Co. | 66 | 12413  |
| Hormel Foods Corp. | 99 | 2298  |
| J.M. Smucker Co. | 33 | 3438  |
| Kellanova | 99 | 8280  |
| Kraft Heinz Co. | 297 | 7576  |
| Lamb Weston Holdings, Inc. | 33 | 1949  |
| McCormick & Co., Inc. | 99 | 6681  |
| Mondelez International, Inc. - Class A | 429 | 24698  |
| The Campbell's Co. | 66 | 2012  |
| Tyson Foods, Inc. - Class A | 99 | 5747  |
|  |  | 100604  |
| **Gas Utilities - 0.1%** | **Gas Utilities - 0.1%** | **Gas Utilities - 0.1%** |
| Atmos Energy Corp. | 66 | 11640  |
| **Ground Transportation - 0.9%** | **Ground Transportation - 0.9%** | **Ground Transportation - 0.9%** |
| CSX Corp. | 660 | 23337  |
| JB Hunt Transport Services, Inc. | 33 | 5741  |
| Norfolk Southern Corp. | 66 | 19278  |
| Old Dominion Freight Line, Inc. | 66 | 8929  |
| Uber Technologies, Inc.<sup>(a)</sup> | 666 | 58302  |
| Union Pacific Corp. | 198 | 45902  |
|  |  | 161489  |
| **Health Care Equipment & Supplies - 2.1%** | **Health Care Equipment & Supplies - 2.1%** | **Health Care Equipment & Supplies - 2.1%** |
| Abbott Laboratories | 550 | 70895  |
| Align Technology, Inc.<sup>(a)</sup> | 33 | 4857  |
| Baxter International, Inc. | 165 | 3092  |
| Becton Dickinson & Co. | 99 | 19208  |
| Boston Scientific Corp.<sup>(a)</sup> | 495 | 50282  |

---

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

36<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Health Care Equipment & Supplies - 2.1%(Continued)** | **Health Care Equipment & Supplies - 2.1%(Continued)** | **Health Care Equipment & Supplies - 2.1%(Continued)** |
| Cooper Cos., Inc.<sup>(a)</sup> | 66 | $5144  |
| Dexcom, Inc.<sup>(a)</sup> | 132 | 8378  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 198 | 17161  |
| GE HealthCare Technologies, Inc. | 165 | 13198  |
| Hologic, Inc.<sup>(a)</sup> | 66 | 4948  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 8 | 6023  |
| Insulet Corp.<sup>(a)</sup> | 33 | 10797  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 102 | 58495  |
| Medtronic PLC | 429 | 45187  |
| ResMed, Inc. | 36 | 9210  |
| Solventum Corp.<sup>(a)</sup> | 33 | 2814  |
| STERIS PLC | 33 | 8787  |
| Stryker Corp. | 101 | 37489  |
| Zimmer Biomet Holdings, Inc. | 66 | 6436  |
|  |  | 382401  |
| **Health Care Providers & Services - 1.7%** | **Health Care Providers & Services - 1.7%** | **Health Care Providers & Services - 1.7%** |
| Cardinal Health, Inc. | 76 | 16132  |
| Cencora, Inc. | 66 | 24349  |
| Centene Corp.<sup>(a)</sup> | 165 | 6491  |
| Cigna Group | 72 | 19964  |
| CVS Health Corp. | 429 | 34474  |
| Elevance Health, Inc. | 66 | 22325  |
| HCA Healthcare, Inc. | 40 | 20332  |
| Henry Schein, Inc.<sup>(a)</sup> | 33 | 2461  |
| Humana, Inc. | 33 | 8110  |
| Labcorp Holdings, Inc. | 33 | 8870  |
| McKesson Corp. | 33 | 29077  |
| Molina Healthcare, Inc.<sup>(a)</sup> | 4 | 593  |
| Quest Diagnostics, Inc. | 33 | 6243  |
| UnitedHealth Group, Inc. | 286 | 94314  |
| Universal Health Services, Inc. - Class B | 33 | 8040  |
|  |  | 301775  |
| **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** | **Hotels, Restaurants & Leisure - 1.5%** |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 132 | 15443  |
| Carnival Corp.<sup>(a)</sup> | 363 | 9358  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 462 | 15948  |
| Darden Restaurants, Inc. | 33 | 5926  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 102 | 20234  |
| Expedia Group, Inc. - Class A | 33 | 8438  |
| Hilton Worldwide Holdings, Inc. | 69 | 19667  |
| Las Vegas Sands Corp. | 132 | 8997  |
| Marriott International, Inc. - Class A | 66 | 20116  |
| McDonald's Corp. | 231 | 72030  |
| MGM Resorts International<sup>(a)</sup> | 66 | 2329  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 165 | 3046  |

---

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

37<br>

------

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Hotels, Restaurants & Leisure - 1.5%(Continued)** | **Hotels, Restaurants & Leisure - 1.5%(Continued)** | **Hotels, Restaurants & Leisure - 1.5%(Continued)** |
| Royal Caribbean Cruises Ltd. | 69 | $18371  |
| Starbucks Corp. | 396 | 34496  |
| Wynn Resorts Ltd. | 33 | 4247  |
| Yum! Brands, Inc. | 99 | 15168  |
|  |  | 273814  |
| **Household Durables - 0.2%** | **Household Durables - 0.2%** | **Household Durables - 0.2%** |
| D.R. Horton, Inc. | 99 | 15742  |
| Garmin Ltd. | 38 | 7422  |
| Lennar Corp. - Class A | 66 | 8666  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 33 | 3825  |
| PulteGroup, Inc. | 66 | 8394  |
|  |  | 44049  |
| **Household Products - 0.8%** | **Household Products - 0.8%** | **Household Products - 0.8%** |
| Church & Dwight Co., Inc. | 99 | 8431  |
| Clorox Co. | 33 | 3562  |
| Colgate-Palmolive Co. | 264 | 21223  |
| Kimberly-Clark Corp. | 99 | 10803  |
| Procter & Gamble Co. | 736 | 109045  |
|  |  | 153064  |
| **Independent Power and Renewable Electricity Producers - 0.1%** | **Independent Power and Renewable Electricity Producers - 0.1%** | **Independent Power and Renewable Electricity Producers - 0.1%** |
| AES Corp. | 231 | 3248  |
| Vistra Corp. | 99 | 17707  |
|  |  | 20955  |
| **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** | **Industrial Conglomerates - 0.4%** |
| 3M Co. | 169 | 29077  |
| Honeywell International, Inc. | 201 | 38630  |
|  |  | 67707  |
| **Insurance - 1.8%** | **Insurance - 1.8%** | **Insurance - 1.8%** |
| Aflac, Inc. | 165 | 18201  |
| Allstate Corp. | 99 | 21085  |
| American International Group, Inc. | 198 | 15080  |
| Aon PLC - Class A | 66 | 23359  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 132 | 12398  |
| Arthur J Gallagher & Co. | 70 | 17333  |
| Assurant, Inc. | 16 | 3651  |
| Brown & Brown, Inc. | 66 | 5308  |
| Chubb Ltd. | 117 | 34653  |
| Cincinnati Financial Corp. | 66 | 11061  |
| Globe Life, Inc. | 33 | 4446  |
| Hartford Insurance Group, Inc. | 99 | 13566  |
| Loews Corp. | 66 | 7119  |
| Marsh & McLennan Cos., Inc. | 165 | 30269  |
| MetLife, Inc. | 198 | 15159  |
| Principal Financial Group, Inc. | 66 | 5598  |

---

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

38<br>

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

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**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Insurance - 1.8%(Continued)** | **Insurance - 1.8%(Continued)** | **Insurance - 1.8%(Continued)** |
| Progressive Corp. | 198 | $45301  |
| Prudential Financial, Inc. | 132 | 14289  |
| Travelers Cos., Inc. | 66 | 19329  |
| W.R. Berkley Corp. | 99 | 7691  |
| Willis Towers Watson PLC | 33 | 10593  |
|  |  | 335489  |
| **Interactive Media & Services - 8.2%** | **Interactive Media & Services - 8.2%** | **Interactive Media & Services - 8.2%** |
| Alphabet, Inc. - Class A | 1805 | 577925  |
| Alphabet, Inc. - Class C | 1469 | 470256  |
| Match Group, Inc. | 99 | 3298  |
| Meta Platforms, Inc. - Class A | 680 | 440606  |
|  |  | 1492085  |
| **IT Services - 1.0%** | **IT Services - 1.0%** | **IT Services - 1.0%** |
| Accenture PLC - Class A | 198 | 49500  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 66 | 5908  |
| Cognizant Technology Solutions Corp. - Class A | 165 | 12822  |
| EPAM Systems, Inc.<sup>(a)</sup> | 33 | 6171  |
| Gartner, Inc.<sup>(a)</sup> | 33 | 7681  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 33 | 4219  |
| International Business Machines Corp. | 300 | 92574  |
| VeriSign, Inc. | 33 | 8316  |
|  |  | 187191  |
| **Leisure Products - 0.0%<sup>(b)</sup>** | **Leisure Products - 0.0%<sup>(b)</sup>** | **Leisure Products - 0.0%<sup>(b)</sup>** |
| Hasbro, Inc. | 33 | 2726  |
| **Life Sciences Tools & Services - 0.9%** | **Life Sciences Tools & Services - 0.9%** | **Life Sciences Tools & Services - 0.9%** |
| Agilent Technologies, Inc. | 99 | 15196  |
| Bio-Techne Corp. | 66 | 4258  |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 33 | 5879  |
| Danaher Corp. | 201 | 45583  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 66 | 15181  |
| Revvity, Inc. | 33 | 3445  |
| Thermo Fisher Scientific, Inc. | 106 | 62628  |
| Waters Corp.<sup>(a)</sup> | 4 | 1614  |
| West Pharmaceutical Services, Inc. | 33 | 9149  |
|  |  | 162933  |
| **Machinery - 1.6%** | **Machinery - 1.6%** | **Machinery - 1.6%** |
| Caterpillar, Inc. | 137 | 78879  |
| Cummins, Inc. | 33 | 16434  |
| Deere & Co. | 70 | 32514  |
| Dover Corp. | 33 | 6114  |
| Fortive Corp. | 132 | 7060  |
| IDEX Corp. | 33 | 5740  |
| Illinois Tool Works, Inc. | 84 | 20940  |

---

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

39<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Machinery - 1.6%(Continued)** | **Machinery - 1.6%(Continued)** | **Machinery - 1.6%(Continued)** |
| Ingersoll Rand, Inc. | 132 | $10605  |
| Nordson Corp. | 33 | 7843  |
| Otis Worldwide Corp. | 132 | 11728  |
| PACCAR, Inc. | 165 | 17394  |
| Parker-Hannifin Corp. | 33 | 28436  |
| Pentair PLC | 66 | 6946  |
| Snap-on, Inc. | 4 | 1360  |
| Stanley Black & Decker, Inc. | 66 | 4720  |
| Westinghouse Air Brake Technologies Corp. | 66 | 13764  |
| Xylem, Inc. | 99 | 13926  |
|  |  | 284403  |
| **Media - 0.4%** | **Media - 0.4%** | **Media - 0.4%** |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 33 | 6604  |
| Comcast Corp. - Class A | 1287 | 34350  |
| Fox Corp. - Class A | 66 | 4323  |
| Fox Corp. - Class B | 33 | 1922  |
| News Corp. - Class A | 132 | 3390  |
| News Corp. - Class B | 33 | 971  |
| Omnicom Group, Inc. | 111 | 7979  |
| Paramount Skydance Corp. - Class B | 198 | 3172  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 105 | 4154  |
|  |  | 66865  |
| **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** | **Metals & Mining - 0.4%** |
| Freeport-McMoRan, Inc. | 495 | 21275  |
| Newmont Corp. | 348 | 31574  |
| Nucor Corp. | 66 | 10526  |
| Steel Dynamics, Inc. | 33 | 5539  |
|  |  | 68914  |
| **Multi-Utilities - 0.7%** | **Multi-Utilities - 0.7%** | **Multi-Utilities - 0.7%** |
| Ameren Corp. | 99 | 10529  |
| CenterPoint Energy, Inc. | 231 | 9235  |
| CMS Energy Corp. | 99 | 7469  |
| Consolidated Edison, Inc. | 132 | 13247  |
| Dominion Energy, Inc. | 297 | 18643  |
| DTE Energy Co. | 66 | 9044  |
| NiSource, Inc. | 165 | 7281  |
| Public Service Enterprise Group, Inc. | 165 | 13781  |
| Sempra | 231 | 21880  |
| WEC Energy Group, Inc. | 99 | 11095  |
|  |  | 122204  |
| **Oil, Gas & Consumable Fuels - 2.7%** | **Oil, Gas & Consumable Fuels - 2.7%** | **Oil, Gas & Consumable Fuels - 2.7%** |
| APA Corp. | 132 | 3296  |
| Chevron Corp. | 627 | 94759  |
| ConocoPhillips | 429 | 38048  |
| Coterra Energy, Inc. | 264 | 7086  |

---

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

40<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Oil, Gas & Consumable Fuels - 2.7%(Continued)** | **Oil, Gas & Consumable Fuels - 2.7%(Continued)** | **Oil, Gas & Consumable Fuels - 2.7%(Continued)** |
| Devon Energy Corp. | 231 | $8561  |
| Diamondback Energy, Inc. | 66 | 10071  |
| EOG Resources, Inc. | 198 | 21354  |
| EQT Corp. | 198 | 12050  |
| Expand Energy Corp. | 66 | 8047  |
| Exxon Mobil Corp. | 1343 | 155681  |
| Kinder Morgan, Inc. | 660 | 18031  |
| Marathon Petroleum Corp. | 99 | 19179  |
| Occidental Petroleum Corp. | 231 | 9702  |
| ONEOK, Inc. | 198 | 14418  |
| Phillips 66 | 132 | 18079  |
| Targa Resources Corp. | 66 | 11571  |
| Valero Energy Corp. | 99 | 17499  |
| Williams Cos., Inc. | 429 | 26139  |
|  |  | 493571  |
| **Passenger Airlines - 0.2%** | **Passenger Airlines - 0.2%** | **Passenger Airlines - 0.2%** |
| Delta Air Lines, Inc. | 231 | 14807  |
| Southwest Airlines Co. | 198 | 6892  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 132 | 13459  |
|  |  | 35158  |
| **Personal Care Products - 0.1%** | **Personal Care Products - 0.1%** | **Personal Care Products - 0.1%** |
| Estee Lauder Cos., Inc. - Class A | 66 | 6209  |
| Kenvue, Inc. | 660 | 11451  |
|  |  | 17660  |
| **Pharmaceuticals - 3.3%** | **Pharmaceuticals - 3.3%** | **Pharmaceuticals - 3.3%** |
| Bristol-Myers Squibb Co. | 693 | 34096  |
| Eli Lilly & Co. | 237 | 254886  |
| Johnson & Johnson | 749 | 154983  |
| Merck & Co., Inc. | 789 | 82711  |
| Pfizer, Inc. | 1791 | 46100  |
| Viatris, Inc. | 396 | 4233  |
| Zoetis, Inc. | 165 | 21150  |
|  |  | 598159  |
| **Professional Services - 0.5%** | **Professional Services - 0.5%** | **Professional Services - 0.5%** |
| Automatic Data Processing, Inc. | 132 | 33700  |
| Broadridge Financial Solutions, Inc. | 33 | 7527  |
| Dayforce, Inc.<sup>(a)</sup> | 66 | 4561  |
| Equifax, Inc. | 33 | 7008  |
| Jacobs Solutions, Inc. | 33 | 4449  |
| Leidos Holdings, Inc. | 33 | 6306  |
| Paychex, Inc. | 99 | 11057  |
| Verisk Analytics, Inc. | 33 | 7427  |
|  |  | 82035  |

---

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

41<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** | **Real Estate Management & Development - 0.1%** |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 99 | $16021  |
| CoStar Group, Inc.<sup>(a)</sup> | 132 | 9082  |
|  |  | 25103  |
| **Semiconductors & Semiconductor Equipment - 14.1%** | **Semiconductors & Semiconductor Equipment - 14.1%** | **Semiconductors & Semiconductor Equipment - 14.1%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 511 | 111158  |
| Analog Devices, Inc. | 165 | 43781  |
| Applied Materials, Inc. | 264 | 66594  |
| Broadcom, Inc. | 1465 | 590336  |
| First Solar, Inc.<sup>(a)</sup> | 33 | 9006  |
| Intel Corp.<sup>(a)</sup> | 1367 | 55445  |
| KLA Corp. | 33 | 38790  |
| Lam Research Corp. | 400 | 62400  |
| Microchip Technology, Inc. | 198 | 10609  |
| Micron Technology, Inc. | 363 | 85842  |
| NVIDIA Corp. | 7607 | 1346439  |
| NXP Semiconductors NV | 70 | 13646  |
| ON Semiconductor Corp.<sup>(a)</sup> | 132 | 6632  |
| Qnity Electronics, Inc. | 66 | 5352  |
| QUALCOMM, Inc. | 340 | 57151  |
| Skyworks Solutions, Inc. | 66 | 4353  |
| Teradyne, Inc. | 66 | 12005  |
| Texas Instruments, Inc. | 299 | 50313  |
|  |  | 2569852  |
| **Software - 10.0%** | **Software - 10.0%** | **Software - 10.0%** |
| Adobe, Inc.<sup>(a)</sup> | 134 | 42897  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 67 | 40165  |
| Autodesk, Inc.<sup>(a)</sup> | 66 | 20021  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 73 | 22764  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 70 | 35641  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 71 | 11361  |
| Fortinet, Inc.<sup>(a)</sup> | 231 | 18741  |
| Gen Digital, Inc. | 198 | 5221  |
| Intuit, Inc. | 71 | 45020  |
| Microsoft Corp. | 2318 | 1140479  |
| Oracle Corp. | 530 | 107034  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 693 | 116736  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 231 | 43920  |
| PTC, Inc.<sup>(a)</sup> | 33 | 5789  |
| Roper Technologies, Inc. | 33 | 14725  |
| Salesforce, Inc. | 301 | 69393  |
| ServiceNow, Inc.<sup>(a)</sup> | 66 | 53619  |
| Synopsys, Inc.<sup>(a)</sup> | 39 | 16302  |
| Workday, Inc. - Class A<sup>(a)</sup> | 66 | 14231  |
|  |  | 1824059  |

---

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

42<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** | **COMMON STOCKS - 97.7%(Continued)** |
| **Specialty Retail - 1.5%** | **Specialty Retail - 1.5%** | **Specialty Retail - 1.5%** |
| Best Buy Co., Inc. | 66 | $5232  |
| Home Depot, Inc. | 311 | 111002  |
| Lowe's Cos., Inc. | 170 | 41222  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 234 | 23798  |
| Ross Stores, Inc. | 99 | 17460  |
| TJX Cos., Inc. | 363 | 55147  |
| Tractor Supply Co. | 198 | 10846  |
| Williams-Sonoma, Inc. | 33 | 5940  |
|  |  | 270647  |
| **Technology Hardware, Storage & Peripherals - 7.5%** | **Technology Hardware, Storage & Peripherals - 7.5%** | **Technology Hardware, Storage & Peripherals - 7.5%** |
| Apple, Inc. | 4627 | 1290239  |
| Dell Technologies, Inc. - Class C | 99 | 13202  |
| Hewlett Packard Enterprise Co. | 462 | 10104  |
| HP, Inc. | 330 | 8059  |
| NetApp, Inc. | 66 | 7363  |
| Seagate Technology Holdings PLC | 66 | 18261  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 165 | 5585  |
| Western Digital Corp. | 132 | 21559  |
|  |  | 1374372  |
| **Textiles, Apparel & Luxury Goods - 0.2%** | **Textiles, Apparel & Luxury Goods - 0.2%** | **Textiles, Apparel & Luxury Goods - 0.2%** |
| Deckers Outdoor Corp.<sup>(a)</sup> | 66 | 5810  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 33 | 6078  |
| NIKE, Inc. - Class B | 396 | 25594  |
| Tapestry, Inc. | 66 | 7212  |
|  |  | 44694  |
| **Tobacco - 0.6%** | **Tobacco - 0.6%** | **Tobacco - 0.6%** |
| Altria Group, Inc. | 594 | 35052  |
| Philip Morris International, Inc. | 498 | 78425  |
|  |  | 113477  |
| **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** | **Trading Companies & Distributors - 0.1%** |
| Fastenal Co. | 396 | 15998  |
| United Rentals, Inc. | 3 | 2446  |
|  |  | 18444  |
| **Water Utilities - 0.0%<sup>(b)</sup>** | **Water Utilities - 0.0%<sup>(b)</sup>** | **Water Utilities - 0.0%<sup>(b)</sup>** |
| American Water Works Co., Inc. | 66 | 8585  |
| **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** | **Wireless Telecommunication Services - 0.2%** |
| T-Mobile US, Inc. | 165 | 34487  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $16,938,593)** |  | 17800533  |

---

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

43<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.8%**<br>|  |  |
| **Health Care REITs - 0.3%** | **Health Care REITs - 0.3%** | **Health Care REITs - 0.3%** |
| Alexandria Real Estate Equities, Inc. | 66 | $3542  |
| Healthpeak Properties, Inc. | 231 | 4218  |
| Ventas, Inc. | 132 | 10643  |
| Welltower, Inc. | 198 | 41228  |
|  |  | 59631  |
| **Hotel & Resort REITs - 0.0%<sup>(b)</sup>** | **Hotel & Resort REITs - 0.0%<sup>(b)</sup>** | **Hotel & Resort REITs - 0.0%<sup>(b)</sup>** |
| Host Hotels & Resorts, Inc. | 231 | 4072  |
| **Industrial REITs - 0.2%** | **Industrial REITs - 0.2%** | **Industrial REITs - 0.2%** |
| Prologis, Inc. | 294 | 37788  |
| **Office REITs - 0.0%<sup>(b)</sup>** | **Office REITs - 0.0%<sup>(b)</sup>** | **Office REITs - 0.0%<sup>(b)</sup>** |
| BXP, Inc. | 66 | 4776  |
| **Residential REITs - 0.2%** | **Residential REITs - 0.2%** | **Residential REITs - 0.2%** |
| AvalonBay Communities, Inc. | 33 | 6004  |
| Camden Property Trust | 33 | 3509  |
| Equity Residential | 132 | 8151  |
| Essex Property Trust, Inc. | 33 | 8699  |
| Invitation Homes, Inc. | 198 | 5584  |
| Mid-America Apartment Communities, Inc. | 33 | 4484  |
| UDR, Inc. | 99 | 3606  |
|  |  | 40037  |
| **Retail REITs - 0.3%** | **Retail REITs - 0.3%** | **Retail REITs - 0.3%** |
| Federal Realty Investment Trust | 33 | 3258  |
| Kimco Realty Corp. | 231 | 4772  |
| Realty Income Corp. | 297 | 17110  |
| Regency Centers Corp. | 66 | 4697  |
| Simon Property Group, Inc. | 99 | 18446  |
|  |  | 48283  |
| **Specialized REITs - 0.8%** | **Specialized REITs - 0.8%** | **Specialized REITs - 0.8%** |
| American Tower Corp. | 165 | 29910  |
| Crown Castle, Inc. | 165 | 15061  |
| Digital Realty Trust, Inc. | 99 | 15852  |
| Equinix, Inc. | 33 | 24859  |
| Extra Space Storage, Inc. | 66 | 8789  |
| Iron Mountain, Inc. | 99 | 8549  |
| Public Storage | 37 | 10158  |
| SBA Communications Corp. | 33 | 6411  |
| VICI Properties, Inc. | 363 | 10462  |
| Weyerhaeuser Co. | 264 | 5863  |
|  |  | 135914  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $330,439)** |  | 330501 |

---

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

44<br>

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **PURCHASED OPTIONS - 0.5%** | **PURCHASED OPTIONS - 0.5%** | **PURCHASED OPTIONS - 0.5%** |  |
| **Put Options - 0.5%** |  |  |  |
| &nbsp;&nbsp;&nbsp; S&P 500 Index<sup>(c)(d)</sup> <br>Expiration: 01/16/2026; Exercise Price: $6,350.00 | $17807634 | &nbsp;&nbsp; 26 | $87360  |
| &nbsp;&nbsp;&nbsp; **TOTAL PURCHASED OPTIONS** <br>**(Cost $90,117)** |  |  | 87360  |
|  |  | **Shares** |  |
| **CONTINGENT VALUE RIGHTS - 0.0%**<br>|  |  |  |
| Sycamore Partners LLC, Exercise Price $0.00<sup>(a)(e)</sup> |  | &nbsp;&nbsp; 84 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONTINGENT VALUE RIGHTS** <br>**(Cost $0)** |  |  | 0  |
| **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** | **SHORT-TERM INVESTMENTS** |
| **MONEY MARKET FUNDS - 0.5%**<br>|  |  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(f)</sup> |  | &nbsp;&nbsp; 88513 | 88513  |
| Northern U.S. Government Select Money Market Fund, 3.68%<sup>(f)</sup> |  | &nbsp;&nbsp; 169 | 169  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $88,682)** |  |  | 88682  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.5%**<br>**(Cost $17,447,831)** |  |  | $18307076  |
| Liabilities in Excess of Other Assets - (0.5)% |  |  | (98931)  |
| **TOTAL NET ASSETS - 100.0%** |  |  | $18208145 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

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

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

<sup>(e)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2025.

<sup>(f)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

45<br>

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

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.9)%**<br>|  |  |  |
| **Call Options - (0.8)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $7,010.00 | $(13013271) | &nbsp;&nbsp;&nbsp;&nbsp;(19) | $(139555)  |
| **Put Options - (0.1)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $5,800.00 | (17807634) | &nbsp;&nbsp;&nbsp;&nbsp;(26) | (29770)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS** <br>**(Premiums received $166,492)** |  |  | $(169325) |

---

Percentages are stated as a percent of net assets.

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

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

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

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%** | **COMMON STOCKS - 98.1%** | **COMMON STOCKS - 98.1%** |
| **Aerospace & Defense - 2.0%**<br>|  |  |
| Axon Enterprise, Inc.<sup>(a)</sup> | 971 | $524476  |
| Boeing Co.<sup>(a)</sup> | 71969 | 13602141  |
| General Dynamics Corp. | 24584 | 8398632  |
| General Electric Co. | 118600 | 35396170  |
| Howmet Aerospace, Inc. | 48292 | 9880060  |
| Huntington Ingalls Industries, Inc. | 548 | 171864  |
| L3Harris Technologies, Inc. | 24074 | 6709183  |
| Lockheed Martin Corp. | 24503 | 11218944  |
| Northrop Grumman Corp. | 12686 | 7259563  |
| RTX Corp. | 146238 | 25578489  |
| Textron, Inc. | 24164 | 2009478  |
| TransDigm Group, Inc. | 3798 | 5165926  |
|  |  | 125914926  |
| **Air Freight & Logistics - 0.3%**<br>|  |  |
| C.H. Robinson Worldwide, Inc. | 964 | 153151  |
| Expeditors International of Washington, Inc. | 12736 | 1870918  |
| FedEx Corp. | 24627 | 6789171  |
| United Parcel Service, Inc. - Class B | 90553 | 8674072  |
|  |  | 17487312  |
| **Automobile Components - 0.0%<sup>(b)</sup>**<br>|  |  |
| Aptiv PLC<sup>(a)</sup> | 24628 | 1909901  |
| **Automobiles - 2.3%**<br>|  |  |
| Ford Motor Co. | 426151 | 5659285  |
| General Motors Co. | 113131 | 8317391  |
| Tesla, Inc.<sup>(a)</sup> | 306191 | 131714183  |
|  |  | 145690859  |
| **Banks - 3.6%**<br>|  |  |
| Bank of America Corp. | 742003 | 39808461  |
| Citigroup, Inc. | 201142 | 20838311  |
| Citizens Financial Group, Inc. | 60087 | 3250707  |
| Fifth Third Bancorp | 88871 | 3862333  |
| Huntington Bancshares, Inc. | 196026 | 3195224  |
| JPMorgan Chase & Co. | 303435 | 94999430  |
| KeyCorp | 124563 | 2289468  |
| M&T Bank Corp. | 12795 | 2433865  |
| PNC Financial Services Group, Inc. | 48294 | 9210632  |
| Regions Financial Corp. | 123973 | 3155113  |
| Truist Financial Corp. | 140099 | 6514603  |
| US Bancorp | 169736 | 8325551  |
| Wells Fargo & Co. | 350700 | 30107595  |
|  |  | 227991293  |

---

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

47<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Beverages - 1.1%**<br>|  |  |
| Brown-Forman Corp. - Class B | 12795 | $370799  |
| Coca-Cola Co. | 436726 | 31933405  |
| Constellation Brands, Inc. - Class A | 12794 | 1744846  |
| Keurig Dr. Pepper, Inc. | 124770 | 3481083  |
| Molson Coors Beverage Co. - Class B | 12795 | 595095  |
| Monster Beverage Corp.<sup>(a)</sup> | 96016 | 7200240  |
| PepsiCo, Inc. | 149419 | 22224582  |
|  |  | 67550050  |
| **Biotechnology - 1.8%**<br>|  |  |
| AbbVie, Inc. | 199360 | 45394272  |
| Amgen, Inc. | 60987 | 21068569  |
| Biogen, Inc.<sup>(a)</sup> | 12728 | 2317641  |
| Gilead Sciences, Inc. | 135408 | 17039743  |
| Incyte Corp.<sup>(a)</sup> | 12795 | 1336566  |
| Moderna, Inc.<sup>(a)</sup> | 36459 | 947205  |
| Regeneron Pharmaceuticals, Inc. | 12192 | 9512076  |
| Vertex Pharmaceuticals, Inc.<sup>(a)</sup> | 29387 | 12742497  |
|  |  | 110358569  |
| **Broadline Retail - 4.0%**<br>|  |  |
| Amazon.com, Inc.<sup>(a)</sup> | 1052027 | 245353737  |
| eBay, Inc. | 65179 | 5396169  |
|  |  | 250749906  |
| **Building Products - 0.5%**<br>|  |  |
| A.O. Smith Corp. - Class A | 964 | 63605  |
| Allegion PLC | 962 | 159721  |
| Builders FirstSource, Inc.<sup>(a)</sup> | 12431 | 1395131  |
| Carrier Global Corp. | 111981 | 6145517  |
| Johnson Controls International PLC | 71841 | 8355827  |
| Lennox International, Inc. | 1708 | 852070  |
| Masco Corp. | 24552 | 1592688  |
| Trane Technologies PLC | 24595 | 10366300  |
|  |  | 28930859  |
| **Capital Markets - 3.2%** | **Capital Markets - 3.2%** | **Capital Markets - 3.2%** |
| Ameriprise Financial, Inc. | 12122 | 5524480  |
| Bank of New York Mellon Corp. | 78522 | 8802316  |
| Blackrock, Inc. | 12654 | 13252534  |
| Blackstone, Inc. | 80451 | 11779635  |
| Cboe Global Markets, Inc. | 12174 | 3142962  |
| Charles Schwab Corp. | 197623 | 18325581  |
| CME Group, Inc. - Class A | 42650 | 12004269  |
| Coinbase Global, Inc. - Class A<sup>(a)</sup> | 18890 | 5153570  |
| FactSet Research Systems, Inc. | 524 | 145290  |

---

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

48<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Capital Markets - 3.2%(Continued)** | **Capital Markets - 3.2%(Continued)** | **Capital Markets - 3.2%(Continued)** |
| Franklin Resources, Inc. | 36066 | $814731  |
| Goldman Sachs Group, Inc. | 32562 | 26897514  |
| Interactive Brokers Group, Inc. - Class A | 39085 | 2541307  |
| Intercontinental Exchange, Inc. | 62492 | 9829992  |
| Invesco Ltd. | 54603 | 1335043  |
| KKR & Co., Inc. | 73351 | 8971561  |
| Moody's Corp. | 12794 | 6279039  |
| Morgan Stanley | 133374 | 22628233  |
| MSCI, Inc. | 962 | 542299  |
| Nasdaq, Inc. | 41246 | 3750086  |
| Northern Trust Corp. | 24309 | 3192744  |
| Raymond James Financial, Inc. | 24048 | 3764474  |
| Robinhood Markets, Inc. - Class A<sup>(a)</sup> | 79927 | 10269820  |
| S&P Global, Inc. | 36466 | 18190335  |
| State Street Corp. | 36442 | 4337327  |
| T. Rowe Price Group, Inc. | 24535 | 2511893  |
|  |  | 203987035  |
| **Chemicals - 1.0%**<br>|  |  |
| Air Products and Chemicals, Inc. | 24525 | 6402251  |
| Albemarle Corp. | 12334 | 1603297  |
| CF Industries Holdings, Inc. | 12796 | 1007045  |
| Corteva, Inc. | 90277 | 6090989  |
| Dow, Inc. | 90249 | 2152439  |
| DuPont de Nemours, Inc. | 53208 | 2116082  |
| Ecolab, Inc. | 24627 | 6776365  |
| International Flavors & Fragrances, Inc. | 24628 | 1711154  |
| Linde PLC | 52181 | 21410908  |
| LyondellBasell Industries NV - Class A | 24627 | 1206477  |
| Mosaic Co. | 36700 | 898783  |
| PPG Industries, Inc. | 24627 | 2463685  |
| Sherwin-Williams Co. | 24627 | 8464054  |
| Solstice Advanced Materials, Inc.<sup>(a)</sup> | 17702 | 844031  |
|  |  | 63147560  |
| **Commercial Services & Supplies - 0.5%**<br>|  |  |
| Cintas Corp. | 42344 | 7876831  |
| Copart, Inc.<sup>(a)</sup> | 114060 | 4446059  |
| Republic Services, Inc. | 24269 | 5267829  |
| Rollins, Inc. | 24627 | 1514068  |
| Veralto Corp. | 24479 | 2477765  |
| Waste Management, Inc. | 40328 | 8786261  |
|  |  | 30368813  |

---

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

49<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Communications Equipment - 0.8%**<br>|  |  |
| Arista Networks, Inc.<sup>(a)</sup> | 98508 | $12873025  |
| Cisco Systems, Inc. | 447514 | 34431727  |
| F5, Inc.<sup>(a)</sup> | 823 | 196829  |
| Motorola Solutions, Inc. | 12795 | 4730056  |
|  |  | 52231637  |
| **Construction & Engineering - 0.1%**<br>|  |  |
| EMCOR Group, Inc. | 4306 | 2648492  |
| Quanta Services, Inc. | 12731 | 5918387  |
|  |  | 8566879  |
| **Construction Materials - 0.1%**<br>|  |  |
| Martin Marietta Materials, Inc. | 852 | 531001  |
| Vulcan Materials Co. | 12560 | 3733334  |
|  |  | 4264335  |
| **Consumer Finance - 0.7%**<br>|  |  |
| American Express Co. | 62372 | 22782620  |
| Capital One Financial Corp. | 69836 | 15298973  |
| Synchrony Financial | 52496 | 4061091  |
|  |  | 42142684  |
| **Consumer Staples Distribution & Retail - 1.9%**<br>|  |  |
| Costco Wholesale Corp. | 48373 | 44193089  |
| Dollar General Corp. | 24487 | 2681082  |
| Dollar Tree, Inc.<sup>(a)</sup> | 24338 | 2696894  |
| Kroger Co. | 84203 | 5665178  |
| Sysco Corp. | 64465 | 4912233  |
| Target Corp. | 60028 | 5439737  |
| Walmart, Inc. | 477952 | 52818475  |
|  |  | 118406688  |
| **Containers & Packaging - 0.1%**<br>|  |  |
| Amcor PLC | 195970 | 1669665  |
| Avery Dennison Corp. | 961 | 165648  |
| Ball Corp. | 36461 | 1805913  |
| International Paper Co. | 41330 | 1631708  |
| Packaging Corp. of America | 962 | 196315  |
| Smurfit WestRock PLC | 24584 | 877403  |
|  |  | 6346652  |
| **Distributors - 0.0%<sup>(b)</sup>**<br>|  |  |
| Genuine Parts Co. | 12665 | 1651516  |
| LKQ Corp. | 24627 | 731176  |
| Pool Corp. | 531 | 129351  |
|  |  | 2512043  |

---

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

50<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Diversified Telecommunication Services - 0.6%**<br>|  |  |
| AT&T, Inc. | 783938 | $20398067  |
| Verizon Communications, Inc. | 461716 | 18981145  |
|  |  | 39379212  |
| **Electric Utilities - 1.7%**<br>|  |  |
| Alliant Energy Corp. | 24627 | 1710838  |
| American Electric Power Co., Inc. | 66371 | 8214739  |
| Constellation Energy Corp. | 36461 | 13284930  |
| Duke Energy Corp. | 85113 | 10548905  |
| Edison International | 48205 | 2838792  |
| Entergy Corp. | 48755 | 4754588  |
| Evergy, Inc. | 24627 | 1912286  |
| Eversource Energy | 42478 | 2853672  |
| Exelon Corp. | 135614 | 6390132  |
| FirstEnergy Corp. | 65139 | 3108433  |
| NextEra Energy, Inc. | 233573 | 20155014  |
| NRG Energy, Inc. | 24570 | 4164369  |
| PG&E Corp. | 291348 | 4696530  |
| Pinnacle West Capital Corp. | 963 | 87498  |
| PPL Corp. | 96024 | 3543286  |
| Southern Co. | 123632 | 11265348  |
| Xcel Energy, Inc. | 71960 | 5908635  |
|  |  | 105437995  |
| **Electrical Equipment - 0.8%**<br>|  |  |
| AMETEK, Inc. | 24627 | 4873437  |
| Eaton Corp. PLC | 42089 | 14558164  |
| Emerson Electric Co. | 72228 | 9633771  |
| GE Vernova, Inc. | 29290 | 17567263  |
| Generac Holdings, Inc.<sup>(a)</sup> | 848 | 128582  |
| Hubbell, Inc. | 737 | 317964  |
| Rockwell Automation, Inc. | 12309 | 4872641  |
|  |  | 51951822  |
| **Electronic Equipment, Instruments & Components - 0.7%**<br>|  |  |
| Amphenol Corp. - Class A | 134914 | 19009383  |
| CDW Corp. | 12581 | 1814432  |
| Corning, Inc. | 100776 | 8485339  |
| Jabil, Inc. | 12486 | 2630925  |
| Keysight Technologies, Inc.<sup>(a)</sup> | 12795 | 2532770  |
| TE Connectivity PLC | 36423 | 8237061  |
| Teledyne Technologies, Inc.<sup>(a)</sup> | 649 | 324189  |
| Trimble, Inc.<sup>(a)</sup> | 28762 | 2341802  |
| Zebra Technologies Corp. - Class A<sup>(a)</sup> | 704 | 177936  |
|  |  | 45553837  |

---

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

51<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Energy Equipment & Services - 0.3%**<br>|  |  |
| Baker Hughes Co. | 135813 | $6817813  |
| Halliburton Co. | 114031 | 2989893  |
| SLB Ltd. | 195256 | 7076077  |
|  |  | 16883783  |
| **Entertainment - 1.4%**<br>|  |  |
| Electronic Arts, Inc. | 24628 | 4975595  |
| Live Nation Entertainment, Inc.<sup>(a)</sup> | 12675 | 1666129  |
| Netflix, Inc.<sup>(a)</sup> | 456526 | 49113067  |
| Take-Two Interactive Software, Inc.<sup>(a)</sup> | 12794 | 3148220  |
| TKO Group Holdings, Inc. – Class A | 4096 | 794173  |
| Walt Disney Co. | 196706 | 20549876  |
| Warner Bros. Discovery, Inc.<sup>(a)</sup> | 303140 | 7275360  |
|  |  | 87522420  |
| **Financial Services - 3.9%**<br>|  |  |
| Apollo Global Management, Inc. | 50044 | 6598301  |
| Berkshire Hathaway, Inc. - Class B<sup>(a)</sup> | 201053 | 103303042  |
| Block, Inc. – Class A<sup>(a)</sup> | 61043 | 4077672  |
| Corpay, Inc.<sup>(a)</sup> | 961 | 284264  |
| Fidelity National Information Services, Inc. | 76394 | 5024433  |
| Fiserv, Inc.<sup>(a)</sup> | 62551 | 3845010  |
| Global Payments, Inc. | 29419 | 2228784  |
| Jack Henry & Associates, Inc. | 961 | 167675  |
| Mastercard, Inc. - Class A | 90864 | 50023358  |
| PayPal Holdings, Inc. | 110321 | 6916024  |
| Visa, Inc. - Class A | 185845 | 62154002  |
|  |  | 244622565  |
| **Food Products - 0.5%**<br>|  |  |
| Archer-Daniels-Midland Co. | 66464 | 4037023  |
| Bunge Global SA | 12738 | 1223740  |
| Conagra Brands, Inc. | 60126 | 1073249  |
| General Mills, Inc. | 76237 | 3609822  |
| Hershey Co. | 12793 | 2406108  |
| Hormel Foods Corp. | 36172 | 839552  |
| J.M. Smucker Co. | 963 | 100325  |
| Kellanova | 24627 | 2059802  |
| Kraft Heinz Co. | 102281 | 2609188  |
| Lamb Weston Holdings, Inc. | 12724 | 751480  |
| McCormick & Co., Inc. | 24627 | 1661830  |
| Mondelez International, Inc. - Class A | 146845 | 8453867  |
| The Campbell's Co. | 12796 | 390022  |
| Tyson Foods, Inc. - Class A | 36121 | 2096824  |
|  |  | 31312832  |

---

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

52<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Gas Utilities - 0.0%<sup>(b)</sup>**<br>|  |  |
| Atmos Energy Corp. | 12786 | $2255067  |
| **Ground Transportation - 0.8%**<br>|  |  |
| CSX Corp. | 204277 | 7223235  |
| JB Hunt Transport Services, Inc. | 962 | 167350  |
| Norfolk Southern Corp. | 24582 | 7180156  |
| Old Dominion Freight Line, Inc. | 18712 | 2531546  |
| Uber Technologies, Inc.<sup>(a)</sup> | 242662 | 21242632  |
| Union Pacific Corp. | 65968 | 15293361  |
|  |  | 53638280  |
| **Health Care Equipment & Supplies - 2.1%**<br>|  |  |
| Abbott Laboratories | 189697 | 24451943  |
| Align Technology, Inc.<sup>(a)</sup> | 961 | 141450  |
| Baxter International, Inc. | 64514 | 1208993  |
| Becton Dickinson & Co. | 36187 | 7021002  |
| Boston Scientific Corp.<sup>(a)</sup> | 169362 | 17203792  |
| Cooper Cos., Inc.<sup>(a)</sup> | 12971 | 1010830  |
| Dexcom, Inc.<sup>(a)</sup> | 48215 | 3060206  |
| Edwards Lifesciences Corp.<sup>(a)</sup> | 77090 | 6681390  |
| GE HealthCare Technologies, Inc. | 48292 | 3862877  |
| Hologic, Inc.<sup>(a)</sup> | 24627 | 1846286  |
| IDEXX Laboratories, Inc.<sup>(a)</sup> | 1148 | 864306  |
| Insulet Corp.<sup>(a)</sup> | 961 | 314430  |
| Intuitive Surgical, Inc.<sup>(a)</sup> | 39188 | 22473534  |
| Medtronic PLC | 147863 | 15574410  |
| ResMed, Inc. | 12759 | 3264135  |
| Solventum Corp.<sup>(a)</sup> | 13078 | 1115030  |
| STERIS PLC | 12098 | 3221456  |
| Stryker Corp. | 40712 | 15111480  |
| Zimmer Biomet Holdings, Inc. | 24337 | 2373344  |
|  |  | 130800894  |
| **Health Care Providers & Services - 1.5%** | **Health Care Providers & Services - 1.5%** | **Health Care Providers & Services - 1.5%** |
| Cardinal Health, Inc. | 24627 | 5227327  |
| Cencora, Inc. | 12794 | 4720090  |
| Centene Corp.<sup>(a)</sup> | 66462 | 2614615  |
| Cigna Group | 28847 | 7998696  |
| CVS Health Corp. | 140651 | 11302714  |
| DaVita, Inc.<sup>(a)</sup> | 4 | 479  |
| Elevance Health, Inc. | 24627 | 8330329  |
| HCA Healthcare, Inc. | 17355 | 8821373  |
| Henry Schein, Inc.<sup>(a)</sup> | 964 | 71886  |
| Humana, Inc. | 12419 | 3052218  |
| Labcorp Holdings, Inc. | 962 | 258566  |
| McKesson Corp. | 12565 | 11071273  |

---

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

53<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Health Care Providers & Services - 1.5%(Continued)** | **Health Care Providers & Services - 1.5%(Continued)** | **Health Care Providers & Services - 1.5%(Continued)** |
| Molina Healthcare, Inc.<sup>(a)</sup> | 799 | $118460  |
| Quest Diagnostics, Inc. | 963 | 182180  |
| UnitedHealth Group, Inc. | 99170 | 32703291  |
| Universal Health Services, Inc. - Class B | 837 | 203918  |
|  |  | 96677415  |
| **Hotels, Restaurants & Leisure - 1.7%**<br>|  |  |
| Airbnb, Inc. - Class A<sup>(a)</sup> | 54277 | 6349866  |
| Booking Holdings, Inc. | 2241 | 11013820  |
| Carnival Corp.<sup>(a)</sup> | 135774 | 3500254  |
| Chipotle Mexican Grill, Inc.<sup>(a)</sup> | 71943 | 2483472  |
| Darden Restaurants, Inc. | 12386 | 2224278  |
| Domino's Pizza, Inc. | 482 | 202262  |
| DoorDash, Inc. - Class A<sup>(a)</sup> | 37531 | 7445024  |
| Expedia Group, Inc. - Class A | 12565 | 3212745  |
| Hilton Worldwide Holdings, Inc. | 29368 | 8370761  |
| Las Vegas Sands Corp. | 36462 | 2485250  |
| Marriott International, Inc - Class A | 24861 | 7577384  |
| McDonald's Corp. | 82425 | 25701764  |
| MGM Resorts International<sup>(a)</sup> | 30718 | 1084038  |
| Norwegian Cruise Line Holdings Ltd.<sup>(a)</sup> | 53172 | 981555  |
| Royal Caribbean Cruises Ltd. | 24627 | 6556939  |
| Starbucks Corp. | 124176 | 10816971  |
| Wynn Resorts Ltd. | 963 | 123919  |
| Yum! Brands, Inc. | 36051 | 5523374  |
|  |  | 105653676  |
| **Household Durables - 0.2%**<br>|  |  |
| D.R. Horton, Inc. | 36336 | 5777787  |
| Garmin Ltd. | 12794 | 2498924  |
| Lennar Corp. - Class A | 24627 | 3233525  |
| Mohawk Industries, Inc.<sup>(a)</sup> | 4 | 464  |
| NVR, Inc.<sup>(a)</sup> | 41 | 307799  |
| PulteGroup, Inc. | 24430 | 3107252  |
|  |  | 14925751  |
| **Household Products - 0.8%**<br>|  |  |
| Church & Dwight Co., Inc. | 24627 | 2097235  |
| Clorox Co. | 12437 | 1342450  |
| Colgate-Palmolive Co. | 88405 | 7106878  |
| Kimberly-Clark Corp. | 36462 | 3978733  |
| Procter & Gamble Co. | 256136 | 37949110  |
|  |  | 52474406  |
| **Independent Power and Renewable Electricity Producers - 0.1%**<br>|  |  |
| AES Corp. | 88222 | 1240401  |
| Vistra Corp. | 38265 | 6844078  |
|  |  | 8084479  |

---

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

54<br>

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

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Industrial Conglomerates - 0.4%**<br>|  |  |
| 3M Co. | 57407 | $9876874  |
| Honeywell International, Inc. | 72262 | 13888034  |
|  |  | 23764908  |
| **Insurance - 1.8%**<br>|  |  |
| Aflac, Inc. | 52476 | 5788628  |
| Allstate Corp. | 24627 | 5245058  |
| American International Group, Inc. | 73234 | 5577501  |
| Aon PLC - Class A | 24224 | 8573358  |
| Arch Capital Group Ltd.<sup>(a)</sup> | 48060 | 4513795  |
| Arthur J Gallagher & Co. | 24433 | 6050099  |
| Assurant, Inc. | 723 | 164960  |
| Brown & Brown, Inc. | 24627 | 1980750  |
| Chubb Ltd. | 40214 | 11910583  |
| Cincinnati Financial Corp. | 12794 | 2144147  |
| Erie Indemnity Co. - Class A | 1100 | 325039  |
| Everest Group Ltd. | 598 | 187945  |
| Globe Life, Inc. | 962 | 129610  |
| Hartford Insurance Group, Inc. | 36338 | 4979396  |
| Loews Corp. | 12796 | 1380305  |
| Marsh & McLennan Cos., Inc. | 60438 | 11087351  |
| MetLife, Inc. | 78409 | 6002993  |
| Principal Financial Group, Inc. | 24489 | 2077157  |
| Progressive Corp. | 64998 | 14870892  |
| Prudential Financial, Inc. | 42666 | 4618595  |
| Travelers Cos., Inc. | 24607 | 7206406  |
| W.R. Berkley Corp. | 36396 | 2827605  |
| Willis Towers Watson PLC | 12152 | 3900792  |
|  |  | 111542965  |
| **Interactive Media & Services - 8.2%**<br>|  |  |
| Alphabet, Inc. - Class A | 629076 | 201417554  |
| Alphabet, Inc. - Class C | 505199 | 161724304  |
| Match Group, Inc. | 30692 | 1022350  |
| Meta Platforms, Inc. - Class A | 237279 | 153744928  |
|  |  | 517909136  |
| **IT Services - 0.9%**<br>|  |  |
| Accenture PLC - Class A | 68394 | 17098500  |
| Akamai Technologies, Inc.<sup>(a)</sup> | 12794 | 1145319  |
| Cognizant Technology Solutions Corp. - Class A | 64423 | 5006311  |
| EPAM Systems, Inc.<sup>(a)</sup> | 795 | 148665  |
| Gartner, Inc.<sup>(a)</sup> | 961 | 223663  |
| GoDaddy, Inc. - Class A<sup>(a)</sup> | 13663 | 1746951  |
| International Business Machines Corp. | 101383 | 31284766  |
| VeriSign, Inc. | 962 | 242415  |
|  |  | 56896590  |

---

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

55<br>

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Leisure Products - 0.0%<sup>(b)</sup>**<br>|  |  |
| Hasbro, Inc. | 12529 | $1034895  |
| **Life Sciences Tools & Services - 0.9%**<br>|  |  |
| Agilent Technologies, Inc. | 36216 | 5559156  |
| Bio-Techne Corp. | 12794 | 825341  |
| Charles River Laboratories International, Inc.<sup>(a)</sup> | 705 | 125589  |
| Danaher Corp. | 72285 | 16392792  |
| IQVIA Holdings, Inc.<sup>(a)</sup> | 23976 | 5514720  |
| Mettler-Toledo International, Inc.<sup>(a)</sup> | 300 | 443016  |
| Revvity, Inc. | 964 | 100651  |
| Thermo Fisher Scientific, Inc. | 41316 | 24410732  |
| Waters Corp.<sup>(a)</sup> | 816 | 329191  |
| West Pharmaceutical Services, Inc. | 961 | 266437  |
|  |  | 53967625  |
| **Machinery - 1.5%**<br>|  |  |
| Caterpillar, Inc. | 52021 | 29951611  |
| Cummins, Inc. | 12684 | 6316378  |
| Deere & Co. | 27180 | 12624838  |
| Dover Corp. | 12660 | 2345645  |
| Fortive Corp. | 42503 | 2273060  |
| IDEX Corp. | 961 | 167147  |
| Illinois Tool Works, Inc. | 28969 | 7221392  |
| Ingersoll Rand, Inc. | 48294 | 3879940  |
| Nordson Corp. | 748 | 177770  |
| Otis Worldwide Corp. | 48294 | 4290922  |
| PACCAR, Inc. | 66328 | 6992298  |
| Parker-Hannifin Corp. | 12500 | 10771250  |
| Pentair PLC | 12794 | 1346441  |
| Snap-on, Inc. | 728 | 247556  |
| Stanley Black & Decker, Inc. | 12794 | 915027  |
| Westinghouse Air Brake Technologies Corp. | 12795 | 2668397  |
| Xylem, Inc. | 24778 | 3485521  |
|  |  | 95675193  |
| **Media - 0.3%**<br>|  |  |
| Charter Communications, Inc. - Class A<sup>(a)</sup> | 12120 | 2425454  |
| Comcast Corp. - Class A | 403141 | 10759833  |
| Fox Corp. - Class A | 24868 | 1628854  |
| Fox Corp. - Class B | 12548 | 731046  |
| News Corp. - Class A | 48151 | 1236518  |
| News Corp. - Class B | 964 | 28371  |
| Omnicom Group, Inc. | 29376 | 2103917  |
| Paramount Skydance Corp. – Class B | 60346 | 966743  |
| Trade Desk, Inc. - Class A<sup>(a)</sup> | 41712 | 1650127  |
|  |  | 21530863  |

---

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

56<br>

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Metals & Mining - 0.4%**<br>|  |  |
| Freeport-McMoRan, Inc. | 156958 | $6746055  |
| Newmont Corp. | 120528 | 10935505  |
| Nucor Corp. | 24845 | 3962529  |
| Steel Dynamics, Inc. | 12801 | 2148392  |
|  |  | 23792481  |
| **Multi-Utilities - 0.7%**<br>|  |  |
| Ameren Corp. | 24628 | 2619188  |
| CenterPoint Energy, Inc. | 78570 | 3141229  |
| CMS Energy Corp. | 36213 | 2731909  |
| Consolidated Edison, Inc. | 41331 | 4147979  |
| Dominion Energy, Inc. | 112018 | 7031370  |
| DTE Energy Co. | 24312 | 3331473  |
| NiSource, Inc. | 48294 | 2131214  |
| Public Service Enterprise Group, Inc. | 64383 | 5377268  |
| Sempra | 78568 | 7441961  |
| WEC Energy Group, Inc. | 36461 | 4086184  |
|  |  | 42039775  |
| **Oil, Gas & Consumable Fuels - 2.7%**<br>|  |  |
| APA Corp. | 36432 | 909707  |
| Chevron Corp. | 210147 | 31759516  |
| ConocoPhillips | 146400 | 12984216  |
| Coterra Energy, Inc. | 100069 | 2685852  |
| Devon Energy Corp. | 83954 | 3111335  |
| Diamondback Energy, Inc. | 12795 | 1952389  |
| EOG Resources, Inc. | 59505 | 6417614  |
| EQT Corp. | 48291 | 2938990  |
| Expand Energy Corp. | 25463 | 3104704  |
| Exxon Mobil Corp. | 466847 | 54116904  |
| Kinder Morgan, Inc. | 214351 | 5856070  |
| Marathon Petroleum Corp. | 31929 | 6185605  |
| Occidental Petroleum Corp. | 84220 | 3537240  |
| ONEOK, Inc. | 76317 | 5557404  |
| Phillips 66 | 54448 | 7457198  |
| Targa Resources Corp. | 24539 | 4301932  |
| Texas Pacific Land Corp. | 929 | 802926  |
| Valero Energy Corp. | 41259 | 7292941  |
| Williams Cos., Inc. | 133757 | 8149814  |
|  |  | 169122357  |
| **Passenger Airlines - 0.2%**<br>|  |  |
| Delta Air Lines, Inc. | 83956 | 5381580  |
| Southwest Airlines Co. | 76942 | 2678351  |
| United Airlines Holdings, Inc.<sup>(a)</sup> | 36698 | 3741728  |
|  |  | 11801659  |

---

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

57<br>

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Personal Care Products - 0.1%**<br>|  |  |
| Estee Lauder Cos., Inc. - Class A | 24627 | $2316662  |
| Kenvue, Inc. | 231977 | 4024801  |
|  |  | 6341463  |
| **Pharmaceuticals - 3.4%**<br>|  |  |
| Bristol-Myers Squibb Co. | 229016 | 11267587  |
| Eli Lilly & Co. | 86911 | 93470173  |
| Johnson & Johnson | 263981 | 54622948  |
| Merck & Co., Inc. | 272861 | 28604019  |
| Pfizer, Inc. | 660636 | 17004771  |
| Viatris, Inc. | 160385 | 1714516  |
| Zoetis, Inc. | 48440 | 6209039  |
|  |  | 212893053  |
| **Professional Services - 0.5%**<br>|  |  |
| Automatic Data Processing, Inc. | 48584 | 12403495  |
| Broadridge Financial Solutions, Inc. | 12354 | 2817824  |
| Dayforce, Inc.<sup>(a)</sup> | 12794 | 884065  |
| Equifax, Inc. | 12429 | 2639547  |
| Jacobs Solutions, Inc. | 12469 | 1680946  |
| Leidos Holdings, Inc. | 12629 | 2413402  |
| Paychex, Inc. | 36462 | 4072441  |
| Paycom Software, Inc. | 674 | 108628  |
| Verisk Analytics, Inc. | 12727 | 2864466  |
|  |  | 29884814  |
| **Real Estate Management & Development - 0.1%**<br>|  |  |
| CBRE Group, Inc. - Class A<sup>(a)</sup> | 36372 | 5886081  |
| CoStar Group, Inc.<sup>(a)</sup> | 48294 | 3322627  |
|  |  | 9208708  |
| **Semiconductors & Semiconductor Equipment - 14.3%** | **Semiconductors & Semiconductor Equipment - 14.3%** | **Semiconductors & Semiconductor Equipment - 14.3%** |
| Advanced Micro Devices, Inc.<sup>(a)</sup> | 177762 | 38668568  |
| Analog Devices, Inc. | 54109 | 14357282  |
| Applied Materials, Inc. | 91302 | 23030929  |
| Broadcom, Inc. | 510936 | 205886771  |
| First Solar, Inc.<sup>(a)</sup> | 12206 | 3331262  |
| Intel Corp.<sup>(a)</sup> | 487274 | 19763833  |
| KLA Corp. | 12603 | 14814448  |
| Lam Research Corp. | 133386 | 20808216  |
| Microchip Technology, Inc. | 66594 | 3568107  |
| Micron Technology, Inc. | 125299 | 29630708  |
| Monolithic Power Systems, Inc. | 657 | 609808  |
| NVIDIA Corp. | 2666199 | 471917223  |
| NXP Semiconductors NV | 29377 | 5726752  |
| ON Semiconductor Corp.<sup>(a)</sup> | 53214 | 2673471  |
| Qnity Electronics, Inc. | 26604 | 2157318  |
| QUALCOMM, Inc. | 125576 | 21108070  |

---

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

58<br>

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Semiconductors & Semiconductor Equipment - 14.3%(Continued)** | **Semiconductors & Semiconductor Equipment - 14.3%(Continued)** | **Semiconductors & Semiconductor Equipment - 14.3%(Continued)** |
| Skyworks Solutions, Inc. | 12794 | $843764  |
| Teradyne, Inc. | 12794 | 2327101  |
| Texas Instruments, Inc. | 101771 | 17125006  |
|  |  | 898348637  |
| **Software - 10.3%**<br>|  |  |
| Adobe, Inc.<sup>(a)</sup> | 49701 | 15910781  |
| AppLovin Corp. - Class A<sup>(a)</sup> | 27930 | 16743476  |
| Autodesk, Inc.<sup>(a)</sup> | 24407 | 7403619  |
| Cadence Design Systems, Inc.<sup>(a)</sup> | 30722 | 9580349  |
| Crowdstrike Holdings, Inc. - Class A<sup>(a)</sup> | 24893 | 12674520  |
| Datadog, Inc. - Class A<sup>(a)</sup> | 30221 | 4835662  |
| Fair Isaac Corp.<sup>(a)</sup> | 341 | 615788  |
| Fortinet, Inc.<sup>(a)</sup> | 83795 | 6798288  |
| Gen Digital, Inc. | 72148 | 1902543  |
| Intuit, Inc. | 29608 | 18773841  |
| Microsoft Corp. | 810900 | 398970909  |
| Oracle Corp. | 182786 | 36913633  |
| Palantir Technologies, Inc. - Class A<sup>(a)</sup> | 252014 | 42451758  |
| Palo Alto Networks, Inc.<sup>(a)</sup> | 72986 | 13876828  |
| PTC, Inc.<sup>(a)</sup> | 12368 | 2169718  |
| Roper Technologies, Inc. | 12201 | 5444330  |
| Salesforce, Inc. | 104625 | 24120248  |
| ServiceNow, Inc.<sup>(a)</sup> | 24287 | 19731002  |
| Synopsys, Inc.<sup>(a)</sup> | 15018 | 6277674  |
| Tyler Technologies, Inc.<sup>(a)</sup> | 580 | 272380  |
| Workday, Inc. - Class A<sup>(a)</sup> | 24094 | 5195148  |
|  |  | 650662495  |
| **Specialty Retail - 1.6%**<br>|  |  |
| AutoZone, Inc.<sup>(a)</sup> | 1137 | 4496073  |
| Best Buy Co., Inc. | 12796 | 1014467  |
| Home Depot, Inc. | 112062 | 39997169  |
| Lowe's Cos., Inc. | 62682 | 15199131  |
| O'Reilly Automotive, Inc.<sup>(a)</sup> | 88401 | 8990382  |
| Ross Stores, Inc. | 36462 | 6430438  |
| TJX Cos., Inc. | 125573 | 19077050  |
| Tractor Supply Co. | 61054 | 3344538  |
| Ulta Beauty, Inc.<sup>(a)</sup> | 678 | 365327  |
| Williams-Sonoma, Inc. | 13056 | 2350211  |
|  |  | 101264786  |
| **Technology Hardware, Storage & Peripherals - 7.5%**<br>|  |  |
| Apple, Inc. | 1616778 | 450838545  |
| Dell Technologies, Inc. - Class C | 28743 | 3832879  |
| Hewlett Packard Enterprise Co. | 172217 | 3766386  |
| HP, Inc. | 113902 | 2781487  |

---

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

59<br>

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** | **COMMON STOCKS - 98.1%(Continued)** |
| **Technology Hardware, Storage & Peripherals - 7.5%(Continued)**<br>|  |  |
| NetApp, Inc. | 24338 | $2715147  |
| Seagate Technology Holdings PLC | 12796 | 3540525  |
| Super Micro Computer, Inc.<sup>(a)</sup> | 25823 | 874109  |
| Western Digital Corp. | 36647 | 5985555  |
|  |  | 474334633  |
| **Textiles, Apparel & Luxury Goods - 0.2%**<br>|  |  |
| Deckers Outdoor Corp.<sup>(a)</sup> | 2988 | 263034  |
| Lululemon Athletica, Inc.<sup>(a)</sup> | 12314 | 2267993  |
| NIKE, Inc. - Class B | 133123 | 8603739  |
| Ralph Lauren Corp. - Class A | 3 | 1102  |
| Tapestry, Inc. | 24615 | 2689927  |
|  |  | 13825795  |
| **Tobacco - 0.6%**<br>|  |  |
| Altria Group, Inc. | 193129 | 11396542  |
| Philip Morris International, Inc. | 170404 | 26835222  |
|  |  | 38231764  |
| **Trading Companies & Distributors - 0.2%**<br>|  |  |
| Fastenal Co. | 144522 | 5838689  |
| United Rentals, Inc. | 4440 | 3619399  |
| W.W. Grainger, Inc. | 608 | 576767  |
|  |  | 10034855  |
| **Water Utilities - 0.0%<sup>(b)</sup>**<br>|  |  |
| American Water Works Co., Inc. | 12795 | 1664246  |
| **Wireless Telecommunication Services - 0.2%**<br>|  |  |
| T-Mobile US, Inc. | 52698 | 11014409  |
| &nbsp;&nbsp;&nbsp; **TOTAL COMMON STOCKS** <br>**(Cost $5,188,158,390)** |  | 6182520540  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7%**<br>|  |  |
| **Health Care REITs - 0.3%**<br>|  |  |
| Alexandria Real Estate Equities, Inc. | 12794 | 686654  |
| Healthpeak Properties, Inc. | 71914 | 1313150  |
| Ventas, Inc. | 48294 | 3893945  |
| Welltower, Inc. | 72005 | 14992881  |
|  |  | 20886630  |
| **Hotel & Resort REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| Host Hotels & Resorts, Inc. | 90256 | 1591213  |
| **Industrial REITs - 0.2%**<br>|  |  |
| Prologis, Inc. | 101029 | 12985257  |

---

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

60<br>

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **REAL ESTATE INVESTMENT TRUSTS - COMMON - 1.7%(Continued)**<br>|  |  |
| **Office REITs - 0.0%<sup>(b)</sup>**<br>|  |  |
| BXP, Inc. | 12715 | $920058  |
| **Residential REITs - 0.2%**<br>|  |  |
| AvalonBay Communities, Inc. | 12683 | 2307545  |
| Camden Property Trust | 963 | 102405  |
| Equity Residential | 41325 | 2551819  |
| Essex Property Trust, Inc. | 884 | 233040  |
| Invitation Homes, Inc. | 72282 | 2038352  |
| Mid-America Apartment Communities, Inc. | 12336 | 1676339  |
| UDR, Inc. | 36349 | 1323831  |
|  |  | 10233331  |
| **Retail REITs - 0.2%**<br>|  |  |
| Federal Realty Investment Trust | 961 | 94880  |
| Kimco Realty Corp. | 78391 | 1619558  |
| Realty Income Corp. | 78570 | 4526418  |
| Regency Centers Corp. | 12794 | 910421  |
| Simon Property Group, Inc. | 36461 | 6793413  |
|  |  | 13944690  |
| **Specialized REITs - 0.8%**<br>|  |  |
| American Tower Corp. | 51192 | 9279574  |
| Crown Castle, Inc. | 53267 | 4862212  |
| Digital Realty Trust, Inc. | 36349 | 5820202  |
| Equinix, Inc. | 12016 | 9051773  |
| Extra Space Storage, Inc. | 24372 | 3245619  |
| Iron Mountain, Inc. | 36197 | 3125611  |
| Public Storage | 12794 | 3512465  |
| SBA Communications Corp. | 12211 | 2372231  |
| VICI Properties, Inc. | 136602 | 3936869  |
| Weyerhaeuser Co. | 95781 | 2127296  |
|  |  | 47333852  |
| &nbsp;&nbsp;&nbsp; **TOTAL REAL ESTATE INVESTMENT TRUSTS - COMMON** <br>**(Cost $105,391,024)** |  | 107895031  |
| **CONTINGENT VALUE RIGHTS - 0.0%**<br>|  |  |
| Abiomed, Inc., Exercise Price $0.00<sup>(a)(c)</sup> | 2 | 0  |
| Sycamore Partners LLC, Exercise Price $0.00<sup>(a)(c)</sup> | 74328 | 0  |
| &nbsp;&nbsp;&nbsp; **TOTAL CONTINGENT VALUE RIGHTS** <br>**(Cost $0)** |  | 0  |

---

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

61<br>

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

**SCHEDULE OF INVESTMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **Shares** | **Value**  |
| **SHORT-TERM INVESTMENTS**<br>|  |  |
| **MONEY MARKET FUNDS - 0.4%**<br>|  |  |
| First American Treasury Obligations Fund - Class X, 3.91%<sup>(d)</sup> | 22246670 | $22246670  |
| &nbsp;&nbsp;&nbsp; **TOTAL MONEY MARKET FUNDS** <br>**(Cost $22,246,670)** |  | 22246670  |
| &nbsp;&nbsp;&nbsp; **TOTAL INVESTMENTS - 100.2%**<br>**(Cost $5,315,796,084)** |  | $6312662241  |
| Liabilities in Excess of Other Assets - (0.2)% |  | (14139472)  |
| **TOTAL NET ASSETS - 100.0%** |  | $6298522769 |

---

Percentages are stated as a percent of net assets.

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

LLC - Limited Liability Company

PLC - Public Limited Company

REIT - Real Estate Investment Trust

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

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

<sup>(c)</sup> Fair value determined using significant unobservable inputs in accordance with procedures established by and under the supervision of the Adviser, acting as Valuation Designee. These securities represented $0 or 0.0% of net assets as of November 30, 2025.

<sup>(d)</sup> The rate shown represents the 7-day annualized yield as of November 30, 2025.

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

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

**SCHEDULE OF WRITTEN OPTIONS** 

**November 30, 2025 (Unaudited)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Notional** <br>**Amount** | **Contracts** | **Value**  |
| **WRITTEN OPTIONS - (0.7)%**<br>|  |  |  |
| **Call Options - (0.7)%**<br>|  |  |  |
| S&P 500 Index<sup>(a)(b)</sup><br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $6,965.00 | $(2043768456) | (2984) | $(27736280)  |
| &nbsp;&nbsp;&nbsp; Expiration: 01/16/2026; Exercise Price: $7,050.00 | (2043768456) | (2984) | (17471320)  |
| &nbsp;&nbsp;&nbsp; **TOTAL WRITTEN OPTIONS**<br>**(Premiums received $43,980,945)** |  |  | $(45207600) |

---

Percentages are stated as a percent of net assets.

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

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

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

63<br>

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**Statements of Assets and Liabilities** 

**November 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Bitcoin High** <br>**Income ETF** <br>(Consolidated) | **NEOS** <br>**Enhanced** <br>**Income** <br>**1-3 Month** <br>**T-Bill ETF** | **NEOS** <br>**Enhanced** <br>**Income 20+** <br>**Year Treasury** <br>**Bond ETF** | **NEOS** <br>**Enhanced** <br>**Income** <br>**Aggregate** <br>**Bond ETF** | **NEOS** <br>**Enhanced** <br>**Income Credit** <br>**Select ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $1028725711 | $735310044 | $8439219 | $122129414 | $177466201  |
| Receivable for investments sold | 12679586 |  |  |  | —  |
| Dividends receivable | 146953 | 59363 | 322 | 2058 | 30828  |
| Interest receivable |  |  | 110867 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 1041552250 | 735369407 | 8550408 | 122131472 | 177497029  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 175474400 | 349700 | 6000 | 88500 | 129000  |
| Payable to adviser | 688534 | 222368 | 3537 | 53631 | 88323  |
| Payable for investments purchased | 560970 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 176723904 | 572068 | 9537 | 142131 | 217323  |
| **NET ASSETS** | $864828346 | $734797339 | $8540871 | $121989341 | $177279706  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $1070290211 | $735011619 | $8557977 | $120398403 | $182003678  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | (205461865) | (214280) | (17106) | 1590938 | (4723972)  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $864828346 | $734797339 | $8540871 | $121989341 | $177279706  |
| Net assets | $864828346 | $734797339 | $8540871 | $121989341 | $177279706  |
| Shares issued and outstanding<sup>(a)</sup> | 18750000 | 14780000 | 180000 | 2550000 | 3523997  |
| Net asset value per share | $46.12 | $49.72 | $47.45 | $47.84 | $50.31  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $1130050939 | $735423337 | $8439539 | $120282140 | $175624687  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $93291987 | $611148 | $10508 | $154990 | $225917 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

64<br>

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

**Statements of Assets and Liabilities** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Gold High** <br>**Income ETF** <br>(Consolidated) | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**Hedged Equity** <br>**Income ETF** | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**High Income** <br>**ETF** | **NEOS** <br>**Real Estate** <br>**High Income** <br>**ETF** | **NEOS** <br>**Russell 2000<sup>®</sup>** <br>**High Income** <br>**ETF**  |
| **ASSETS:**<br>|  |  |  |  |  |
| Investments, at value | $216294138 | $354306908 | $6669394501 | $156846159 | $391212424  |
| Receivable for investments sold | 2263444 | 8701736 | 75913568 | 1307222 | 3912721  |
| Dividends receivable | 21258 | 193928 | 3570589 | 123199 | 7774  |
| Dividend tax reclaims receivable |  | 498 | 9110 |  | —  |
|  Deposit at broker for option contracts |  |  |  | 18895 | —  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 218578840 | 363203070 | 6748887768 | 158295475 | 395132919  |
| **LIABILITIES:**<br>|  |  |  |  |  |
| Written option contracts, at value | 2882490 | 5931180 | 61953950 | 1319554 | 4045050  |
| Payable for investments purchased | 4105023 | 5383100 | 8403613 | 1197292 | 2464478  |
| Payable to adviser | 118272 | 195609 | 3446554 | 80666 | 185343  |
| &nbsp;&nbsp;&nbsp; Payable for capital shares <br>redeemed |  |  | 17416128 |  | —  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 7105785 | 11509889 | 91220245 | 2597512 | 6694871  |
| **NET ASSETS** | $211473055 | $351693181 | $6657667523 | $155697963 | $388438048  |
| **Net Assets Consists of:**<br>|  |  |  |  |  |
| Paid-in capital | $199377035 | $432122418 | $6307042368 | $156533872 | $374855379  |
| &nbsp;&nbsp;&nbsp; Total distributable earnings/<br>(accumulated losses) | 12096020 | (80429237) | 350625155 | (835909) | 13582669  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $211473055 | $351693181 | $6657667523 | $155697963 | $388438048  |
| Net assets | $211473055 | $351693181 | $6657667523 | $155697963 | $388438048  |
| Shares issued and outstanding<sup>(a)</sup> | 3840000 | 6444981 | 122370000 | 3130000 | 7900000  |
| Net asset value per share | $55.07 | $54.57 | $54.41 | $49.74 | $49.17  |
| **Cost:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $203289148 | $207842817 | $5973033362 | $155532942 | $357651747  |
| **Proceeds:**<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $5808855 | $5835520 | $59000367 | $1307222 | $3912721 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

65<br>

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

**Statements of Assets and Liabilities** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **NEOS S&P 500<sup>®</sup>** <br>**Hedged Equity** <br>**Income ETF** | **NEOS S&P** <br>**500<sup>®</sup> High** <br>**Income ETF**  |
| **ASSETS:**<br>|  |  |
| Investments, at value | $18307076 | $6312662241  |
| Receivable for investments sold | 197146 | 43980945  |
| Dividends receivable | 15317 | 5787638  |
| Dividend tax reclaims receivable | 36 | 10824  |
| Cash |  | 132539  |
| &nbsp;&nbsp;&nbsp; **Total assets** | 18519575 | 6362574187  |
| **LIABILITIES:**<br>|  |  |
| Written option contracts, at value | 169325 | 45207600  |
| Payable for investments purchased | 133147 | 15493983  |
| Payable to adviser | 8958 | 3349835  |
| &nbsp;&nbsp;&nbsp; **Total liabilities** | 311430 | 64051418  |
| **NET ASSETS** | $18208145 | $6298522769  |
| **Net Assets Consists of:**<br>|  |  |
| Paid-in capital | $17680576 | $5708294065  |
| Total distributable earnings | 527569 | 590228704  |
| &nbsp;&nbsp;&nbsp; **Total net assets** | $18208145 | $6298522769  |
| Net assets | $18208145 | $6298522769  |
| Shares issued and outstanding<sup>(a)</sup> | 330000 | 119590000  |
| Net asset value per share | $55.18 | $52.67  |
| **Cost:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments, at cost | $17447831 | $5315796084  |
| **Proceeds:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Written options premium received | $166492 | $43980945 |

---

<sup>(a)</sup> Unlimited shares authorized.

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

66<br>

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

**STATEMENTS OF OPERATIONS** 

**For the Period Ended November 30, 2025 (Unaudited)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Bitcoin High** <br>**Income ETF** <br>(Consolidated) | **NEOS** <br>**Enhanced** <br>**Income** <br>**1-3 Month** <br>**T-Bill ETF** | **NEOS** <br>**Enhanced** <br>**Income 20+** <br>**Year Treasury** <br>**Bond ETF** | **NEOS** <br>**Enhanced** <br>**Income** <br>**Aggregate** <br>**Bond ETF** | **NEOS** <br>**Enhanced** <br>**Income Credit** <br>**Select ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $569696 | $313486 | &nbsp;&nbsp; $1363 | $1979022 | $4958522  |
| Interest income | 9350768 | 12532766 | &nbsp;&nbsp; 112667 |  | 85703  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 9920464 | 12846252 | &nbsp;&nbsp; 114030 | 1979022 | 5044225  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 3010609 | 1168960 | &nbsp;&nbsp; 13943 | 298845 | 488688  |
| &nbsp;&nbsp;&nbsp; Total expenses | 3010609 | 1168960 | &nbsp;&nbsp; 13943 | 298845 | 488688  |
| &nbsp;&nbsp;&nbsp; Expense waiver |  |  | &nbsp;&nbsp; — | (16522) | (27682)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 3010609 | 1168960 | &nbsp;&nbsp; 13943 | 282323 | 461006  |
| **NET INVESTMENT INCOME** | 6909855 | 11677292 | &nbsp;&nbsp; 100087 | 1696699 | 4583219  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (14872164) | (12695260) | &nbsp;&nbsp; (73273) | (2340396) | (3066548)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  |  | &nbsp;&nbsp; — |  | 117915  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | 74087413 | 16515329 | &nbsp;&nbsp; 113897 | 3391355 | 5222849  |
| Net realized gain (loss) | 59215249 | 3820069 | &nbsp;&nbsp; 40624 | 1050959 | 2274216  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | (112415587) | (123918) | &nbsp;&nbsp; 154856 | 2760929 | 597486  |
| &nbsp;&nbsp;&nbsp; Written option contracts | (90804620) | 156060 | &nbsp;&nbsp; 3826 | 33738 | 43695  |
|  Net change in unrealized appreciation (depreciation) | (203220207) | 32142 | &nbsp;&nbsp; 158682 | 2794667 | 641181  |
| **Net realized and unrealized gain (loss)** | (144004958) | 3852211 | &nbsp;&nbsp; 199306 | 3845626 | 2915397  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $(137095103) | $15529503 | &nbsp;&nbsp; $299393 | $5542325 | $7498616 |

---

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

67<br>

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

**STATEMENTS OF OPERATIONS** 

**For the Period Ended November 30, 2025 (Unaudited)(Continued)** 

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **NEOS** <br>**Gold High** <br>**Income ETF** <br>(Consolidated)<sup>(a)</sup> | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**Hedged Equity** <br>**Income ETF** | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**High Income** <br>**ETF** | **NEOS** <br>**Real Estate** <br>**High Income** <br>**ETF** | **NEOS** <br>**Russell 2000<sup>®</sup>** <br>**High Income** <br>**ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |  |  |  |
| Dividend income | $56955 | $1195810 | $15417578 | $1789270 | $1783830  |
| Dividend withholding taxes |  | (3850) | (55401) |  | —  |
| Interest income | 1216350 |  |  |  | —  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | 1273305 | 1191960 | 15362177 | 1789270 | 1783830  |
| **EXPENSES:**<br>|  |  |  |  |  |
| Investment advisory fee | 324974 | 1141193 | 14415190 | 342997 | 937336  |
| &nbsp;&nbsp;&nbsp; Total expenses | 324974 | 1141193 | 14415190 | 342997 | 937336  |
| &nbsp;&nbsp;&nbsp; Expense waiver  |  |  |  |  | (117269)  |
| &nbsp;&nbsp;&nbsp; Net expenses | 324974 | 1141193 | 14415190 | 342997 | 820067  |
| **NET INVESTMENT INCOME** | 948331 | 50767 | 946987 | 1446273 | 963763  |
|  **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |  |  |  |
| Net realized gain (loss) from:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 7640896 | (14907532) | (17434458) | (501431) | (5440508)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions |  | 241089 | 120558253 | 70863 | 2984558  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | (6289919) | (539601) | (106282758) | 2717893 | 3432360  |
| Net realized gain (loss) | 1350977 | (15206044) | (3158963) | 2287325 | 976410  |
|  Net change in unrealized appreciation (depreciation) on:<br>|  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Investments | 13004990 | 52818825 | 585397603 | 1262678 | 44935490  |
| &nbsp;&nbsp;&nbsp; Written option contracts | 2926365 | (196120) | (4018136) | (8680) | (280874)  |
|  Net change in unrealized appreciation (depreciation) | 15931355 | 52622705 | 581379467 | 1253998 | 44654616  |
| **Net realized and unrealized gain (loss)** | 17282332 | 37416661 | 578220504 | 3541323 | 45631026  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | $18230663 | $37467428 | $579167491 | $4987596 | $46594789 |

---

<sup>(a)</sup> The Fund commenced investment operations on June 5, 2025.

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

68<br>

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

**STATEMENTS OF OPERATIONS** 

**For the Period Ended November 30, 2025 (Unaudited)(Continued)** 

---

| | | |
|:---|:---|:---|
|  | **NEOS S&P 500<sup>®</sup>** <br>**Hedged Equity** <br>**Income ETF** | **NEOS S&P** <br>**500<sup>®</sup> High** <br>**Income ETF**  |
| **INVESTMENT INCOME:**<br>|  |  |
| Dividend income | &nbsp;&nbsp;&nbsp; $50562 | $31402041  |
| Dividend withholding taxes | &nbsp;&nbsp;&nbsp; (8) | (11737)  |
| &nbsp;&nbsp;&nbsp; **Total investment income** | &nbsp;&nbsp;&nbsp; 50554 | 31390304  |
| **EXPENSES:**<br>|  |  |
| Investment advisory fee | &nbsp;&nbsp;&nbsp; 28078 | 16980657  |
| &nbsp;&nbsp;&nbsp; Total expenses | &nbsp;&nbsp;&nbsp; 28078 | 16980657  |
| **NET INVESTMENT INCOME** | &nbsp;&nbsp;&nbsp; 22476 | 14409647  |
| **REALIZED AND UNREALIZED GAIN (LOSS)**<br>|  |  |
| Net realized gain (loss) from:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; (19589) | (37699305)  |
| &nbsp;&nbsp;&nbsp; In-kind redemptions | &nbsp;&nbsp;&nbsp; 224016 | 84830517  |
| &nbsp;&nbsp;&nbsp; Written option contracts expired or closed | &nbsp;&nbsp;&nbsp; (185479) | (75459109)  |
| Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 18948 | (28327897)  |
| Net change in unrealized appreciation (depreciation) on:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Investments | &nbsp;&nbsp;&nbsp; 821962 | 655007462  |
| &nbsp;&nbsp;&nbsp; Written option contracts | &nbsp;&nbsp;&nbsp; (4118) | (4257598)  |
| Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 817844 | 650749864  |
| **Net realized and unrealized gain (loss)** | &nbsp;&nbsp;&nbsp; 836792 | 622421967  |
|  **NET INCREASE (DECREASE) IN NET ASSETS RESULTING FROM OPERATIONS** | &nbsp;&nbsp;&nbsp; $859268 | $636831614 |

---

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

69<br>

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

**Statements of Changes in Net Assets** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEOS Bitcoin High** <br>**Income ETF (Consolidated)** | **NEOS Bitcoin High** <br>**Income ETF (Consolidated)** | **NEOS Enhanced** <br>**Income 1-3 Month T-Bill ETF**  | **NEOS Enhanced** <br>**Income 1-3 Month T-Bill ETF**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $6909855 | $1336866 | &nbsp;&nbsp; $11677292 | $21654004  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | 59215249 | 1294896 | &nbsp;&nbsp; 3820069 | 4209713  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | (203220207) | 19712566 | &nbsp;&nbsp; 32142 | (82582)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | (137095103) | 22344328 | &nbsp;&nbsp; 15529503 | 25781135  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (88079328) | (2638033) | &nbsp;&nbsp; (15797650) | (25846983)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (15661431) | &nbsp;&nbsp; — | (1124971)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (88079328) | (18299464) | &nbsp;&nbsp; (15797650) | (26971954)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 854722962 | 242376210 | &nbsp;&nbsp; 233873728 | 297304052  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (11141259) |  | &nbsp;&nbsp; (2985504) | (233709666)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 843581703 | 242376210 | &nbsp;&nbsp; 230888224 | 63594386  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 618407272 | 246421074 | &nbsp;&nbsp; 230620077 | 62403567  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 246421074 |  | &nbsp;&nbsp; 504177262 | 441773695  |
| &nbsp;&nbsp;&nbsp; End of the period | $864828346 | $246421074 | &nbsp;&nbsp; $734797339 | $504177262  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 14770000 | 4180000 | &nbsp;&nbsp; 4700000 | 5970000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (200000) |  | &nbsp;&nbsp; (60000) | (4700000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 14570000 | 4180000 | &nbsp;&nbsp; 4640000 | 1270000 |

---

<sup>(a)</sup> Inception date of the Fund was October 17, 2024.

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

70<br>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEOS Enhanced Income** <br>**20+ Year Treasury Bond ETF** | **NEOS Enhanced Income** <br>**20+ Year Treasury Bond ETF** | **NEOS Enhanced Income** <br>**Aggregate Bond ETF**  | **NEOS Enhanced Income** <br>**Aggregate Bond ETF**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $100087 | $34544 | &nbsp;&nbsp; $1696699 | $1567117  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 40624 | 228 | &nbsp;&nbsp; 1050959 | 314207  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 158682 | (154494) | &nbsp;&nbsp; 2794667 | (728776)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; 299393 | (119722) | &nbsp;&nbsp; 5542325 | 1152548  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; (160962) | (35815) | &nbsp;&nbsp; (3001640) | (1928433)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp;&nbsp; — | (19685) | &nbsp;&nbsp; — | (1049960)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (160962) | (55500) | &nbsp;&nbsp; (3001640) | (2978393)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 5663529 | 2914133 | &nbsp;&nbsp; 33197612 | 77841467  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; (476214) | (476916)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 5663529 | 2914133 | &nbsp;&nbsp; 32721398 | 77364551  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp;&nbsp; 5801960 | 2738911 | &nbsp;&nbsp; 35262083 | 75538706  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; 2738911 |  | &nbsp;&nbsp; 86727258 | 11188552  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $8540871 | $2738911 | &nbsp;&nbsp; $121989341 | $86727258  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 120000 | 60000 | &nbsp;&nbsp; 700000 | 1630000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; — |  | &nbsp;&nbsp; (10000) | (10000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 120000 | 60000 | &nbsp;&nbsp; 690000 | 1620000 |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2024.

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

71<br>

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

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS** <br>**Gold High** <br>**Income ETF** <br>(Consolidated)  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **For the Period** <br>**September 1, 2024** <br>**to May 31, 2025<sup>(c)</sup>** | **Year Ended** <br>**August 31, 2024<sup>(b)</sup>** | **Period Ended** <br>**November 30, 2025<sup>(a)</sup>** <br>(Unaudited)  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $4583219 | $6257059 | $7846799 | &nbsp;&nbsp;&nbsp; $948331  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 2274216 | (1881951) | 698750 | &nbsp;&nbsp;&nbsp; 1350977  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 641181 | (2017887) | 2633773 | &nbsp;&nbsp;&nbsp; 15931355  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 7498616 | 2357221 | 11179322 | &nbsp;&nbsp;&nbsp; 18230663  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (6376799) | (7707273) | (7732892) | &nbsp;&nbsp;&nbsp; (6134643)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; — | (2214922) |  | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (6376799) | (9922195) | (7732892) | &nbsp;&nbsp;&nbsp; (6134643)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 44910333 | 21845064 | 30388976 | &nbsp;&nbsp;&nbsp; 199377035  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | &nbsp;&nbsp; — | 1911324 | 7516864 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (8553785) | (12502137) | (44739313) | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 36356548 | 11254251 | (6833473) | &nbsp;&nbsp;&nbsp; 199377035  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 37478365 | 3689277 | (3387043) | &nbsp;&nbsp;&nbsp; 211473055  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 139801341 | 136112064 | 139499107 | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $177279706 | $139801341 | $136112064 | &nbsp;&nbsp;&nbsp; $211473055  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 890000 | 412000<sup>(d)</sup> | 573020<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3840000  |
| &nbsp;&nbsp;&nbsp; Shares exchanged | &nbsp;&nbsp; — |  | 72779<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares issued from reinvestment of distributions | &nbsp;&nbsp; — | 36441<sup>(d)</sup> | 142815<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (170000) | (231221)<sup>(d)</sup> | (797592)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; —  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 720000 | 217220<sup>(d)</sup> | (8.978)<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 3840000 |

---

<sup>(a)</sup> The Fund commenced investment operation on June 5, 2025.

<sup>(b)</sup> The Predecessor Fund's (WSTCM Credit Select Risk-Managed Fund) fiscal year end was August 31, 2024 prior to the reorganization as described further below in footnote (c).

<sup>(c)</sup> The Fund acquired all of the assets and liabilities of the Predecessor Fund in a reorganization on September 27, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to September 27, 2024, reflects that of the Predecessor Fund inclusive of expense limitations. Prior to September 27, 2024, the Predecessor Fund operated as a traditional open-end mutual fund (see Note 12).

<sup>(d)</sup> As described in Note 5, share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective December 26, 2024. 

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

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

---

| | | | |
|:---|:---|:---|:---|
|  | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF**  | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF**  | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Period Ended** <br>**September 1, 2024** <br>**to May 31, 2025<sup>(b)</sup>** | **Year Ended** <br>**August 31, 2024<sup>(a)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $50767 | $391743 | $903624  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; (15206044) | 18101851 | 35319168  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 52622705 | 8918498 | 57079257  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 37467428 | 27412092 | 93302049  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (15621000) | (391743) | (903624)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; — | (20264190) | (29598677)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (15621000) | (20655933) | (30502301)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 24457151 | 3095511 | 6433500  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (540467) | (37883364) | (161498005)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 23916684 | (34787853) | (155064505)  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 45763112 | (28031694) | (92264757)  |
| **NET ASSETS:**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 305930069 | 333961763 | 426226520  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $351693181 | $305930069 | $333961763  |
| **SHARES TRANSACTIONS**<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 460000 | 60000<sup>(c)</sup> | 125000<sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (10000) | (740019)<sup>(c)</sup> | (3475000)<sup>(c)</sup>  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 450000 | (680019)<sup>(c)</sup> | (3350000)<sup>(c)</sup> |

---

<sup>(a)</sup> The Predecessor Fund's (Nationwide Nasdaq-100 Risk-Managed Income ETF) fiscal year end was August 31, 2024 prior to the reorganization as described below in footnote (b).

<sup>(b)</sup> The Fund acquired all of the assets and liabilities of the Predecessor Fund in a reorganization on November 11, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to November 11, 2024, reflects that of the Predecessor Fund. 

<sup>(c)</sup> As described in Note 5, share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective February 20, 2025. 

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

73<br>

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

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

---

| | | |
|:---|:---|:---|
|  | **NEOS Nasdaq-100<sup>®</sup> High Income ETF**  | **NEOS Nasdaq-100<sup>®</sup> High Income ETF**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025**  |
| **OPERATIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | $946987 | $1389012  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | (3158963) | (8302415)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | 581379467 | 106976891  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | 579167491 | 100063488  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; From earnings | (325186878) | (3141848)  |
| &nbsp;&nbsp;&nbsp; From return of capital |  | (110249033)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | (325186878) | (113390881)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 4997820398 | 1602338104  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (372468599) | (26492888)  |
| &nbsp;&nbsp;&nbsp; ETF transaction fees (See Note 7) |  | 1  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | 4625351799 | 1575845217  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | 4879332412 | 1562517824  |
| **NET ASSETS:**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | 1778335111 | 215817287  |
| &nbsp;&nbsp;&nbsp; End of the period | $6657667523 | $1778335111  |
| **SHARES TRANSACTIONS**<br>|  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | 93900000 | 31610000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | (6870000) | (550000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | 87030000 | 31060000 |

---

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

74<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF**  | **NEOS Russell 2000<sup>®</sup> High Income ETF**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(b)</sup>**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp; $1446273 | $192601 | &nbsp;&nbsp;&nbsp; $963763 | $646140  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp; 2287325 | 540820 | &nbsp;&nbsp;&nbsp; 976410 | 3449881  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp; 1253998 | 46887 | &nbsp;&nbsp;&nbsp; 44654616 | (11226268)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp; 4987596 | 780308 | &nbsp;&nbsp;&nbsp; 46594789 | (7130247)  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp; (5842092) | (761721) | &nbsp;&nbsp;&nbsp; (20837134) | (4386442)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp; — | (483942) | &nbsp;&nbsp;&nbsp; — | (11086145)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp; (5842092) | (1245663) | &nbsp;&nbsp;&nbsp; (20837134) | (15472587)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 108735625 | 48777779 | &nbsp;&nbsp;&nbsp; 208162270 | 213767286  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (495590) |  | &nbsp;&nbsp;&nbsp; (23128926) | (13517403)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp; 108240035 | 48777779 | &nbsp;&nbsp;&nbsp; 185033344 | 200249883  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp; 107385539 | 48312424 | &nbsp;&nbsp;&nbsp; 210790999 | 177647049  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp; 48312424 |  | &nbsp;&nbsp;&nbsp; 177647049 | —  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp; $155697963 | $48312424 | &nbsp;&nbsp;&nbsp; $388438048 | $177647049  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp; 2170000 | 970000 | &nbsp;&nbsp;&nbsp; 4360000 | 4330000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp; (10000) |  | &nbsp;&nbsp;&nbsp; (490000) | (300000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp; 2160000 | 970000 | &nbsp;&nbsp;&nbsp; 3870000 | 4030000 |

---

<sup>(a)</sup> Inception date of the Fund was January 15, 2025.

<sup>(b)</sup> Inception date of the Fund was June 25, 2024.

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

75<br>

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **NEOS S&P 500<sup>®</sup>** <br>**Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup>** <br>**Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF**  | **NEOS S&P 500<sup>®</sup> High Income ETF**  |
|  | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>** | **Period Ended** <br>**November 30, 2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025**  |
| **OPERATIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net investment income (loss) | &nbsp;&nbsp;&nbsp; $22476 | $1285 | $14409647 | $17695715  |
| &nbsp;&nbsp;&nbsp; Net realized gain (loss) | &nbsp;&nbsp;&nbsp; 18948 | (9494) | (28327897) | (8808461)  |
| &nbsp;&nbsp;&nbsp; Net change in unrealized appreciation (depreciation) | &nbsp;&nbsp;&nbsp; 817844 | 38568 | 650749864 | 218648408  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from operations** | &nbsp;&nbsp;&nbsp; 859268 | 30359 | 636831614 | 227535662  |
| **DISTRIBUTIONS TO SHAREHOLDERS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; From earnings | &nbsp;&nbsp;&nbsp; (360773) | (1285) | (310096239) | (17695715)  |
| &nbsp;&nbsp;&nbsp; From return of capital | &nbsp;&nbsp;&nbsp; — | (17205) |  | (285789094)  |
| &nbsp;&nbsp;&nbsp; **Total distributions to shareholders** | &nbsp;&nbsp;&nbsp; (360773) | (18490) | (310096239) | (303484809)  |
| **CAPITAL TRANSACTIONS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 16763065 | 2026634 | 2498473662 | 2471211730  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; (1091918) |  | (223545337) | (82301293)  |
| &nbsp;&nbsp;&nbsp; **Net increase (decrease) in net assets from capital transactions** | &nbsp;&nbsp;&nbsp; 15671147 | 2026634 | 2274928325 | 2388910437  |
| **NET INCREASE (DECREASE) IN NET ASSETS** | &nbsp;&nbsp;&nbsp; 16169642 | 2038503 | 2601663700 | 2312961290  |
| **NET ASSETS:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Beginning of the period | &nbsp;&nbsp;&nbsp; 2038503 |  | 3696859069 | 1383897779  |
| &nbsp;&nbsp;&nbsp; End of the period | &nbsp;&nbsp;&nbsp; $18208145 | $2038503 | $6298522769 | $3696859069  |
| **SHARES TRANSACTIONS**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Shares sold | &nbsp;&nbsp;&nbsp; 310000 | 40000 | 48560000 | 49120000  |
| &nbsp;&nbsp;&nbsp; Shares redeemed | &nbsp;&nbsp;&nbsp; (20000) |  | (4310000) | (1740000)  |
| &nbsp;&nbsp;&nbsp; **Total increase (decrease) in shares outstanding** | &nbsp;&nbsp;&nbsp; 290000 | 40000 | 44250000 | 47380000 |

---

<sup>(a)</sup> Inception date of the Fund was April 3, 2025.

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

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

**NEOS Bitcoin High Income ETF** 

**Consolidated FINANCIAL HIGHLIGHTS** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended**<br>**November 30,**<br>**2025**<br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $58.95 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.65 | &nbsp;&nbsp;&nbsp;&nbsp;0.86  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp; (5.54) | &nbsp;&nbsp;&nbsp;&nbsp;19.19  |
| **Total from investment operations** | &nbsp;&nbsp; (4.89) | &nbsp;&nbsp;&nbsp;&nbsp;20.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (7.94) | &nbsp;&nbsp;&nbsp; (4.26)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.33)  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (6.51)  |
| **Total distributions** | &nbsp;&nbsp; (7.94) | &nbsp;&nbsp;&nbsp; (11.10)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $46.12 | &nbsp;&nbsp;&nbsp; $58.95  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; -10.26% | &nbsp;&nbsp;&nbsp; 43.24%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $864828 | &nbsp;&nbsp;&nbsp; $246421  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.98% | &nbsp;&nbsp;&nbsp; 0.98%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.25% | &nbsp;&nbsp;&nbsp; 2.47%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp; 1% |

---

<sup>(a)</sup> Inception date of the Fund was October 17, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses, if any, of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.72 | $49.81 | $50.05 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.95 | 2.17 | 2.49 | &nbsp;&nbsp;&nbsp;&nbsp;1.73  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 0.31 | 0.44 | 0.34 | &nbsp;&nbsp;&nbsp;&nbsp;0.32  |
| **Total from investment operations** | 1.26 | 2.61 | 2.83 | &nbsp;&nbsp;&nbsp;&nbsp;2.05  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.26) | (2.17) | (2.61) | &nbsp;&nbsp;&nbsp; (1.31)  |
| Net realized gains | &nbsp;&nbsp; — | (0.42) | (0.20) | &nbsp;&nbsp;&nbsp; (0.63)  |
| Return of capital | &nbsp;&nbsp; — | (0.11) | (0.26) | &nbsp;&nbsp;&nbsp; (0.06)  |
| **Total distributions** | &nbsp;&nbsp; (1.26) | (2.70) | (3.07) | &nbsp;&nbsp;&nbsp; (2.00)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $49.72 | $49.72 | $49.81 | &nbsp;&nbsp;&nbsp; $50.05  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 2.56% | 5.39% | 5.80% | &nbsp;&nbsp;&nbsp; 4.18%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $734797 | $504177 | $441774 | &nbsp;&nbsp;&nbsp; $100109  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.38% | 0.38% | 0.38% | &nbsp;&nbsp;&nbsp; 0.38%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 3.80% | 4.35% | 4.99% | &nbsp;&nbsp;&nbsp; 4.58%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 0% | 0% | 0% | &nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

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

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp;&nbsp; $45.65 | &nbsp;&nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.98 | &nbsp;&nbsp;&nbsp;&nbsp;0.92  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;2.29 | &nbsp;&nbsp;&nbsp;&nbsp; (3.79)  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;3.27 | &nbsp;&nbsp;&nbsp;&nbsp; (2.87)  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp;&nbsp; (0.98)  |
| Net realized gains | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.02)  |
| Return of capital | &nbsp;&nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.48)  |
| **Total distributions** | &nbsp;&nbsp;&nbsp; (1.47) | &nbsp;&nbsp;&nbsp;&nbsp; (1.48)  |
| **Net asset value, end of period** | &nbsp;&nbsp;&nbsp; $47.45 | &nbsp;&nbsp;&nbsp;&nbsp; $45.65  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp;&nbsp; 7.26% | &nbsp;&nbsp;&nbsp;&nbsp; -5.77%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp;&nbsp; $8541 | &nbsp;&nbsp;&nbsp;&nbsp; $2739  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp;&nbsp; 4.16% | &nbsp;&nbsp;&nbsp;&nbsp; 4.14%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp;&nbsp; 0%<sup>(g)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was December 11, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Amount represents less than 0.5%. 

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

79<br>

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

**NEOS Enhanced Income Aggregate Bond ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **2025** | **2024** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $46.63 | $46.62 | $48.32 | &nbsp;&nbsp;&nbsp;&nbsp; $49.77  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.78 | 1.46 | 1.27 | &nbsp;&nbsp;&nbsp;&nbsp;0.78  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.79 | 1.22 | (0.47) | &nbsp;&nbsp;&nbsp;&nbsp; (0.40)  |
| **Total from investment operations** | 2.57 | 2.68 | 0.80 | &nbsp;&nbsp;&nbsp;&nbsp;0.38  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | &nbsp;&nbsp; (1.36) | (1.78) | (1.46) | &nbsp;&nbsp;&nbsp;&nbsp; (0.72)  |
| Net realized gains | &nbsp;&nbsp; — | (0.21) | (0.24) | &nbsp;&nbsp;&nbsp;&nbsp; (0.73)  |
| Return of capital | &nbsp;&nbsp; — | (0.68) | (0.80) | &nbsp;&nbsp;&nbsp;&nbsp; (0.38)  |
| **Total distributions** | &nbsp;&nbsp; (1.36) | (2.67) | (2.50) | &nbsp;&nbsp;&nbsp;&nbsp; (1.83)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $47.84 | $46.63 | $46.62 | &nbsp;&nbsp;&nbsp;&nbsp; $48.32  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 5.58% | 5.85% | 1.74% | &nbsp;&nbsp;&nbsp;&nbsp; 0.85%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $121989 | $86727 | $11189 | &nbsp;&nbsp;&nbsp;&nbsp; $1933  |
| Ratio of expenses to average net assets:<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.58% | 0.58% | 0.58% | &nbsp;&nbsp;&nbsp;&nbsp; 0.58%  |
| &nbsp;&nbsp;&nbsp; After expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.55% | 0.55% | 0.55% | &nbsp;&nbsp;&nbsp;&nbsp; 0.55%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 3.29% | 3.10% | 2.71% | &nbsp;&nbsp;&nbsp;&nbsp; 2.14%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% | 1% | 1% | &nbsp;&nbsp;&nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<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.

80<br>

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

**NEOS Enhanced Income Credit Select ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended**<br>**November 30,**<br>**2025**<br>(Unaudited) | **Period** <br>**September 1,** <br>**2024 to May 31,** <br>**2025<sup>(a)</sup>** | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **Period Ended**<br>**November 30,**<br>**2025**<br>(Unaudited) | **Period** <br>**September 1,** <br>**2024 to May 31,** <br>**2025<sup>(a)</sup>** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(b)</sup>**<br>|  |  |  |  |  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.86 | &nbsp;&nbsp;&nbsp; $52.60 | $51.35 | $52.25 | $55.05 | $52.95  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 1.54 | &nbsp;&nbsp;&nbsp;&nbsp;2.33 | 2.85 | 2.25 | 0.65 | 1.60  |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 1.03 | &nbsp;&nbsp;&nbsp; (1.36) | 1.30 | (1.30) | (2.00) | 1.80  |
|  **Total from investment operations** | 2.57 | &nbsp;&nbsp;&nbsp;&nbsp;0.97 | 4.15 | 0.95 | (1.35) | 3.40  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (2.12) | &nbsp;&nbsp;&nbsp; (2.91) | (2.90) | (1.85) | (1.45) | (1.30)  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.80) |  |  |  | —  |
| **Total distributions** | &nbsp;&nbsp; (2.12) | &nbsp;&nbsp;&nbsp; (3.71) | (2.90) | (1.85) | (1.45) | (1.30)  |
| &nbsp;&nbsp;&nbsp; **Net asset value, end of** <br>**period** | &nbsp;&nbsp; $50.31 | &nbsp;&nbsp;&nbsp; $49.86 | $52.60 | $51.35 | $52.25 | $55.05  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 5.23% | &nbsp;&nbsp;&nbsp; 1.89% | 8.32% | 1.86% | -2.49% | 6.47%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** | **SUPPLEMENTAL DATA AND RATIOS:<sup>(f)</sup>** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Net assets, end of period <br>(in thousands) | &nbsp;&nbsp; $177280 | &nbsp;&nbsp;&nbsp; $139801 | $136112 | $133238 | $114457 | $62659  |
| &nbsp;&nbsp;&nbsp; Ratio of expenses to average <br>net assets:<br>|  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Before expense waivers | &nbsp;&nbsp; 0.65% | &nbsp;&nbsp;&nbsp; 0.73%<sup>(g)</sup> | 0.91% | 0.89% | 0.97% | 1.05%  |
| &nbsp;&nbsp;&nbsp; After expense waivers | &nbsp;&nbsp; 0.61% | &nbsp;&nbsp;&nbsp; 0.68%<sup>(g)</sup> | 0.90% | 0.88% | 0.97% | 1.05%  |
|  Ratio of net investment income (loss) to average net assets | &nbsp;&nbsp; 6.10% | &nbsp;&nbsp;&nbsp; 6.08%<sup>(g)</sup> | 5.55% | 4.31% | 1.22% | 2.99%  |
| Portfolio turnover rate<sup>(h)</sup> | &nbsp;&nbsp; 85% | &nbsp;&nbsp;&nbsp; 348%<sup>(e)</sup> | 293% | 879% | 837% | 337% |

---

<sup>(a)</sup> The Fund acquired all the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of WST Investment Trust, (the "Predecessor Fund") in a reorganization on September 27, 2024. The Predecessor Fund's performance and financial history, inclusive of expense limitations, has been adopted by the Fund and will be used going forward. As a result, the information prior to September 27, 2024, reflects that of the Predecessor Fund' Institutional Shares inclusive of expense limitations.

<sup>(b)</sup> Per share amounts have been restated on a retroactive basis to reflect a 1:5 reverse stock split effective December 26, 2024.

<sup>(c)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(g)</sup> Annualized for periods less than one year.

<sup>(h)</sup> Portfolio turnover rate excludes in-kind transactions.

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

81<br>

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

**NEOS Gold High Income ETF** 

**Consolidated Financial Highlights** 

---

| | |
|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025<sup>(a)</sup>** <br>(Unaudited)  |
| **PER SHARE DATA:**<br>|  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |
| Net investment income<sup>(b)</sup> | 0.59  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 7.73  |
| **Total from investment operations** | 8.32  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |
| Net investment income | &nbsp;&nbsp; (3.25)  |
| **Total distributions** | &nbsp;&nbsp; (3.25)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $55.07  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 17.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $211473  |
| Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.78%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 2.28%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% |

---

<sup>(a)</sup> Inception date of the Fund was June 5, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

82<br>

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

**NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** 

**Financial Highlights** 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**September 1,** <br>**2024 to May 31,** <br>**2025<sup>(a)</sup>** | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  | **Year Ended August 31,**  |
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**September 1,** <br>**2024 to May 31,** <br>**2025<sup>(a)</sup>** | **2024** | **2023** | **2022** | **2021**  |
| **PER SHARE DATA:<sup>(b)</sup>**<br>|  |  |  |  |  |  |
|  Net asset value, beginning of period | &nbsp;&nbsp; $51.03 | &nbsp;&nbsp;&nbsp; $50.04 | $42.52 | $40.18 | $57.22 | $56.26  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |  |  |
| Net investment income<sup>(c)</sup> | 0.01 | &nbsp;&nbsp;&nbsp;&nbsp;0.06 | 0.10 | 0.10 | 0.04 | 0.04  |
|  Net realized and unrealized gain (loss) on investments<sup>(d)</sup> | 6.02 | &nbsp;&nbsp;&nbsp;&nbsp;4.26 | 11.04 | 5.34 | (13.28) | 5.18  |
|  **Total from investment operations** | 6.03 | &nbsp;&nbsp;&nbsp;&nbsp;4.32 | 11.14 | 5.44 | (13.24) | 5.22  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |  |  |
| Net investment income | &nbsp;&nbsp; (2.49) | &nbsp;&nbsp;&nbsp; (0.06) | (0.12) | (0.10) | (0.04) | (0.04)  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.27) | (3.50) | (3.00) | (3.76) | (4.22)  |
| **Total distributions** | &nbsp;&nbsp; (2.49) | &nbsp;&nbsp;&nbsp; (3.33) | (3.62) | (3.10) | (3.80) | (4.26)  |
| &nbsp;&nbsp;&nbsp; **Net asset value, end of** <br>**period** | &nbsp;&nbsp; $54.57 | &nbsp;&nbsp;&nbsp; $51.03 | $50.04 | $42.52 | $40.18 | $57.22  |
| Total return<sup>(e)</sup> | &nbsp;&nbsp; 12.02% | &nbsp;&nbsp;&nbsp; 8.84% | 27.26% | 14.42% | -24.09% | 9.61%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |  |  |
|  Net assets, end of period (in thousands) | &nbsp;&nbsp; $351693 | &nbsp;&nbsp;&nbsp; $305930 | $333962 | $426227 | $581640 | $582300  |
|  Ratio of expenses to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.68% | 0.68% | 0.68% | 0.68% | 0.68%  |
|  Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.03% | &nbsp;&nbsp;&nbsp; 0.16% | 0.23% | 0.24% | 0.10% | 0.07%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | &nbsp;&nbsp; 3% | &nbsp;&nbsp;&nbsp; 18% | 8% | 34% | 24% | 10% |

---

<sup>(a)</sup> The Fund acquired all the assets and liabilities of the Nationwide Nasdaq-100<sup>®</sup> Risk-Managed Income ETF, a series of the ETF Series Solutions (the "Predecessor Fund") in a reorganization on November 11, 2024. The Predecessor Fund's performance and financial history have been adopted by the Fund and will be used going forward. As a result, the information prior to November 11, 2024, reflects that of the Predecessor Fund. Prior to reorganization the Fund had an August 31 fiscal year end.

<sup>(b)</sup> Per share amounts have been restated on a retroactive basis to reflect a 1:2 reverse stock split effective February 20, 2025.

<sup>(c)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(d)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

83<br>

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

**NEOS Nasdaq-100<sup>®</sup> High Income ETF** 

**Financial Highlights** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Year Ended** <br>**May 31, 2025** | **Period Ended** <br>**May 31, 2024<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |
| Net asset value, beginning of period | $50.32 | $50.42 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |
| Net investment income<sup>(b)</sup> | 0.01 | 0.10 | &nbsp;&nbsp;&nbsp;&nbsp;0.05  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 7.89 | 7.12 | &nbsp;&nbsp;&nbsp;&nbsp;2.77  |
| **Total from investment operations** | 7.90 | 7.22 | &nbsp;&nbsp;&nbsp;&nbsp;2.82  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |
| Net investment income | (3.81) | (0.16) | &nbsp;&nbsp;&nbsp; —  |
| Net realized gains |  | (0.11) | &nbsp;&nbsp;&nbsp; (0.04)  |
| Return of capital |  | (7.05) | &nbsp;&nbsp;&nbsp; (2.36)  |
| **Total distributions** | (3.81) | (7.32) | &nbsp;&nbsp;&nbsp; (2.40)  |
| ETF transaction fees per share |  |  | &nbsp;&nbsp;&nbsp;&nbsp;0.00<sup>(d)</sup>  |
| **Net asset value, end of period** | $54.41 | $50.32 | &nbsp;&nbsp;&nbsp; $50.42  |
| Total return<sup>(e)</sup> | 16.12% | 15.18% | &nbsp;&nbsp;&nbsp; 5.78%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |
| Net assets, end of period (in thousands) | $6657668 | $1778335 | &nbsp;&nbsp;&nbsp; $215817  |
| Ratio of expenses to average net assets<sup>(f)</sup> | 0.68% | 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | 0.04% | 0.19% | &nbsp;&nbsp;&nbsp; 0.30%  |
| Portfolio turnover rate<sup>(e)(g)</sup> | 3% | 22% | &nbsp;&nbsp;&nbsp; 3% |

---

<sup>(a)</sup> Inception date of the Fund was January 30, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Amount represents less than $0.005 per share.

<sup>(e)</sup> Not annualized for periods less than one year.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

84<br>

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

**NEOS Real Estate High Income ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $49.81 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.72 | &nbsp;&nbsp;&nbsp;&nbsp;0.39  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 1.98 | &nbsp;&nbsp;&nbsp;&nbsp;1.91  |
| **Total from investment operations** | 2.70 | &nbsp;&nbsp;&nbsp;&nbsp;2.30  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (2.77) | &nbsp;&nbsp;&nbsp; (0.89)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.63)  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (0.97)  |
| **Total distributions** | &nbsp;&nbsp; (2.77) | &nbsp;&nbsp;&nbsp; (2.49)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $49.74 | &nbsp;&nbsp;&nbsp; $49.81  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 5.52% | &nbsp;&nbsp;&nbsp; 4.66%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $155698 | &nbsp;&nbsp;&nbsp; $48312  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 2.87% | &nbsp;&nbsp;&nbsp; 2.07%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was January 15, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

85<br>

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

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

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $44.08 | &nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | 0.17 | &nbsp;&nbsp;&nbsp;&nbsp;0.29  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 8.35 | &nbsp;&nbsp;&nbsp;&nbsp;0.90  |
| **Total from investment operations** | 8.52 | &nbsp;&nbsp;&nbsp;&nbsp;1.19  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (3.43) | &nbsp;&nbsp;&nbsp; (2.44)  |
| Net realized gains | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (1.00)  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp; (3.67)  |
| **Total distributions** | &nbsp;&nbsp; (3.43) | &nbsp;&nbsp;&nbsp; (7.11)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $49.17 | &nbsp;&nbsp;&nbsp; $44.08  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 19.89% | &nbsp;&nbsp;&nbsp; 2.04%  |
| **SUPPLEMENTAL DATA AND RATIOS:<sup>(e)</sup>**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $388438 | &nbsp;&nbsp;&nbsp; $177647  |
| Ratio of expenses to average net assets:<br>|  |  |
| &nbsp;&nbsp;&nbsp; Before expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
| &nbsp;&nbsp;&nbsp; After expense waivers<sup>(f)</sup> | &nbsp;&nbsp; 0.59% | &nbsp;&nbsp;&nbsp; 0.58%  |
| Ratio of net investment income (loss) to average net assets<sup>(f)</sup> | &nbsp;&nbsp; 0.70% | &nbsp;&nbsp;&nbsp; 0.65%  |
| Portfolio turnover rate<sup>(d)(g)</sup> | &nbsp;&nbsp; 0% | &nbsp;&nbsp;&nbsp; 2% |

---

<sup>(a)</sup> Inception date of the Fund was June 25, 2024.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> These ratios exclude the impact of expenses of the underlying exchange traded funds as represented in the Schedule of Investments. Recognition of net investment income by the Fund is affected by the timing of the underlying exchange traded funds in which the Fund invests.

<sup>(f)</sup> Annualized for periods less than one year.

<sup>(g)</sup> Portfolio turnover rate excludes in-kind transactions.

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

86<br>

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

**NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** 

**Financial Highlights** 

---

| | | |
|:---|:---|:---|
|  | **Period Ended** <br>**November 30,** <br>**2025** <br>(Unaudited) | **Period Ended** <br>**May 31, 2025<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |
| Net asset value, beginning of period | &nbsp;&nbsp; $50.96 | &nbsp;&nbsp;&nbsp;&nbsp; $50.00  |
| **INVESTMENT OPERATIONS:**<br>|  |  |
| Net investment income<sup>(b)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;0.15 | &nbsp;&nbsp;&nbsp;&nbsp;0.06  |
| Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | &nbsp;&nbsp;&nbsp;&nbsp;6.17 | &nbsp;&nbsp;&nbsp;&nbsp;1.49  |
| **Total from investment operations** | &nbsp;&nbsp;&nbsp;&nbsp;6.32 | &nbsp;&nbsp;&nbsp;&nbsp;1.55  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |
| Net investment income | &nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.04)  |
| Return of capital | &nbsp;&nbsp; — | &nbsp;&nbsp;&nbsp;&nbsp; (0.55)  |
| **Total distributions** | &nbsp;&nbsp; (2.10) | &nbsp;&nbsp;&nbsp;&nbsp; (0.59)  |
| **Net asset value, end of period** | &nbsp;&nbsp; $55.18 | &nbsp;&nbsp;&nbsp;&nbsp; $50.96  |
| Total return<sup>(d)</sup> | &nbsp;&nbsp; 12.58% | &nbsp;&nbsp;&nbsp;&nbsp; 3.15%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |
| Net assets, end of period (in thousands) | &nbsp;&nbsp; $18208 | &nbsp;&nbsp;&nbsp;&nbsp; $2039  |
| Ratio of expenses to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.68% | &nbsp;&nbsp;&nbsp;&nbsp; 0.68%  |
| Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | &nbsp;&nbsp; 0.54% | &nbsp;&nbsp;&nbsp;&nbsp; 0.70%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | &nbsp;&nbsp; 1% | &nbsp;&nbsp;&nbsp;&nbsp; 0%<sup>(g)</sup> |

---

<sup>(a)</sup> Inception date of the Fund was April 3, 2025.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the period.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

<sup>(g)</sup> Amount represents less than 0.5%. 

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

87<br>

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

**NEOS S&P 500<sup>®</sup> High Income ETF** 

**Financial Highlights** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended**<br>**November 30,**<br>**2025**<br>(Unaudited) | **Year Ended May 31,** | **Year Ended May 31,** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
|  | **Period Ended**<br>**November 30,**<br>**2025**<br>(Unaudited) | **2025** | **2024** | **Period Ended** <br>**May 31, 2023<sup>(a)</sup>**  |
| **PER SHARE DATA:**<br>|  |  |  |  |
| Net asset value, beginning of period | $49.07 | $49.50 | $48.23 | &nbsp;&nbsp;&nbsp; $49.67  |
| **INVESTMENT OPERATIONS:**<br>|  |  |  |  |
| Net investment income<sup>(b)</sup> | 0.15 | 0.37 | 0.44 | &nbsp;&nbsp;&nbsp;&nbsp;0.49  |
|  Net realized and unrealized gain (loss) on investments<sup>(c)</sup> | 6.56 | 5.35 | 6.71 | &nbsp;&nbsp;&nbsp;&nbsp;2.34  |
| **Total from investment operations** | 6.71 | 5.72 | 7.15 | &nbsp;&nbsp;&nbsp;&nbsp;2.83  |
| **LESS DISTRIBUTIONS FROM:**<br>|  |  |  |  |
| Net investment income | (3.11) | (0.36) | (0.79) | &nbsp;&nbsp;&nbsp; (0.44)  |
| Net realized gains |  |  | (0.32) | &nbsp;&nbsp;&nbsp; (1.40)  |
| Return of capital |  | (5.79) | (4.77) | &nbsp;&nbsp;&nbsp; (2.43)  |
| **Total distributions** | (3.11) | (6.15) | (5.88) | &nbsp;&nbsp;&nbsp; (4.27)  |
| **Net asset value, end of period** | $52.67 | $49.07 | $49.50 | &nbsp;&nbsp;&nbsp; $48.23  |
| Total return<sup>(d)</sup> | 14.00% | 12.01% | 15.79% | &nbsp;&nbsp;&nbsp; 6.31%  |
| **SUPPLEMENTAL DATA AND RATIOS:**<br>|  |  |  |  |
| Net assets, end of period (in thousands) | $6298523 | $3696859 | $1383898 | &nbsp;&nbsp;&nbsp; $25563  |
| Ratio of expenses to average net assets<sup>(e)</sup> | 0.68% | 0.68% | 0.68% | &nbsp;&nbsp;&nbsp; 0.68%  |
|  Ratio of net investment income (loss) to average net assets<sup>(e)</sup> | 0.58% | 0.74% | 0.91% | &nbsp;&nbsp;&nbsp; 1.37%  |
| Portfolio turnover rate<sup>(d)(f)</sup> | 1% | 2% | 14% | &nbsp;&nbsp;&nbsp; 21% |

---

<sup>(a)</sup> Inception date of the Fund was August 30, 2022.

<sup>(b)</sup> Net investment income per share has been calculated based on average shares outstanding during the periods.

<sup>(c)</sup> Realized and unrealized gains and losses per share in the caption are balancing amounts necessary to reconcile the change in net asset value per share for the periods, and may not reconcile with the aggregate gains and losses in the Statement of Operations due to share transactions for the periods.

<sup>(d)</sup> Not annualized for periods less than one year.

<sup>(e)</sup> Annualized for periods less than one year.

<sup>(f)</sup> Portfolio turnover rate excludes in-kind transactions.

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

88<br>

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)** 

**NOTE 1 – ORGANIZATION** 

The NEOS ETF Trust (the "Trust") was organized as a Delaware statutory trust on February 1, 2021 and is authorized to issue multiple series or portfolios. The Trust is an open-end investment company, registered under the Investment Company Act of 1940, as amended (the "1940 Act"). The Trust currently consists of multiple operational exchange-traded funds ("ETFs"), twelve of which are presented herein: NEOS Bitcoin High Income ETF, NEOS Enhanced Income 1-3 Year T-Bill ETF, NEOS Enhanced 20+ Year Treasury Bond ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS Gold High Income ETF, NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF, NEOS Nasdaq-100<sup>®</sup> High Income ETF, NEOS Real Estate High Income ETF, NEOS Russell 2000<sup>®</sup> High Income ETF, NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF and NEOS S&P 500<sup>®</sup> High Income ETF, (collectively, the "Funds" or individually, a "Fund"). These financial statements relate only to the Funds.

---

| | | |
|:---|:---|:---|
| **Fund**  | **Investment Objective**  | **Classification**  |
| NEOS Bitcoin High Income ETF  | seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to Bitcoin.  | Non-diversified  |
| &nbsp;&nbsp;&nbsp; NEOS Enhanced Income 1-3 Month <br>T-Bill ETF  | seeks to generate monthly income in a tax efficient manner.  | Diversified  |
|  NEOS Enhanced Income 20+ Year Treasury Bond ETF  | seeks to generate monthly income in a tax efficient manner.  | Diversified  |
|  NEOS Enhanced Income Aggregate Bond ETF  | seeks to generate monthly income in a tax efficient manner.  | Diversified  |
| &nbsp;&nbsp;&nbsp; NEOS Enhanced Income Credit <br>Select ETF  | seeks total return from income and capital appreciation while providing a tax efficient monthly income.  | Diversified  |
| NEOS Gold High Income ETF  | seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products that have direct exposure to gold.  | Non-diversified  |
|  NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | seeks to generate monthly income in a tax efficient manner.  | Non-diversified  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.  | Non-diversified  |
| NEOS Real Estate High Income ETF  | seeks to generate high monthly income with the potential for equity appreciation.  | Non-diversified  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.  | Diversified  |
| &nbsp;&nbsp;&nbsp; NEOS S&P 500<sup>®</sup> Hedged Equity <br>Income ETF  | seeks high monthly income in a tax efficient manner with a measure of downside protection.  | Diversified  |
| NEOS S&P 500<sup>®</sup> High Income ETF  | seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets.  | Diversified |

---

NEOS Investment Management, LLC (the "Adviser") is the investment adviser to each Fund.

**NOTE 2 – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES** 

The Trust follows accounting and reporting guidance under Financial Accounting Standards Board ("FASB") Accounting Standards Codification Topic 946, "Financial Services — Investment Companies" including Accounting Standards Update 2013-08.

89<br>

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

The following is a summary of significant accounting policies consistently followed by the Funds in the preparation of their financial statements. These financial statements have been prepared in conformity with accounting principles generally accepted in the United States of America ("GAAP").

&nbsp;&nbsp;&nbsp;&nbsp;A. *Investment Valuation.* The net asset value ("NAV") of each Fund's shares is calculated each business day as of the close
 of regular trading on the New York Stock Exchange ("NYSE"), generally 4:00 p.m., Eastern Time. NAV per share is computed by
 dividing the net assets of each Fund by each Fund's number of shares outstanding.

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

Options traded on an exchange (other than Flexible Exchange ("FLEX") options) are generally valued at the 4:00 pm EST bid/ask mean price on the exchange or OTC market on which they principally trade. If the 4:00 pm bid/ask mean price is not available, then options shall be valued at the 4:15 pm EST bid/ask mean price. If neither bid/ask mean price is available, then options shall be valued at the last reported settlement price on the exchange or OTC market on which they principally trade.

FLEX Options are generally valued at the Delta-Adjusted at Close ("DAC") price, if available. If no DAC price is available, FLEX Options shall be valued at a Theoretical price provided by a Pricing Service. If there is no Theoretical price for the valuation day available, FLEX Options shall be valued at the last sale price on the exchange on which they principally trade. In the event no price can be obtained from a Pricing Service, no exchange pricing or no DAC pricing is available, the value shall be determined in accordance with the Fair Valuation Procedures.

When reliable market quotations are not readily available, securities are priced at their fair value as determined in good faith by the Adviser in accordance with the Trust's valuation guidelines. Pursuant to Rule 2a-5 under the 1940 Act, each Fund has designated the Adviser as its "Valuation Designee" to perform all of the fair value determinations as well as to perform all of the responsibilities that may be performed by the Valuation Designee in accordance with Rule 2a-5. The Valuation Designee is authorized to make all necessary determinations of the fair values of portfolio securities and other assets for which market quotations are not readily available or if it is deemed that the prices obtained from brokers and dealers or independent pricing services are unreliable. The Funds may use fair value pricing in a variety of circumstances, including but not limited to, situations when the value of a security has been materially affected by events occurring after the close of the market on which such security is principally traded (such as a corporate action or other news that may materially affect the price of such security) or trading in such security has been suspended or halted. Such valuations would typically be categorized as Level 2 or Level 3 in the fair value hierarchy described below. Fair value pricing involves subjective judgments and it is possible that a fair value determination for a security is materially different than the value that could be realized upon the sale of such security. As of November 30, 2025, there were two securities within the NEOS S&P 500<sup>®</sup> High Income ETF and one within NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF that were internally fair valued and/or valued using a Level 3 valuation. Refer to below for further valuation disclosures.

Investments in open-end regulated investment companies (including money market funds) are valued at NAV. Such valuations would typically be categorized as Level 1 in the fair value hierarchy described below.

90<br>

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

The Funds disclose the fair value of their investments in a hierarchy that distinguishes between: (1) market participant assumptions developed based on market data obtained from sources independent of the Funds (observable inputs) and (2) the Funds' own assumptions about market participant assumptions developed based on the best information available under the circumstances (unobservable inputs).

The three levels defined by the hierarchy are as follows:

Level 1 – Quoted prices in active markets for identical assets that the Funds have the ability to access.

Level 2 – Other significant observable inputs (including quoted prices for similar securities, interest rates,

prepayment speeds, credit risk, etc.).

Level 3 – Significant unobservable inputs (including the Funds' own assumptions in determining the fair value of investments).

The inputs or methodology used for valuing securities are not necessarily an indication of the risk associated with investing in those securities.

The following is a summary of the inputs used to value each Fund's investments as of November 30, 2025:

**NEOS Bitcoin High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $209600324 | $— | $— | $209600324  |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 6657200 |  | 6657200  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 11514975 |  |  | 11514975  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills  |  | 800953212 |  | 800953212  |
| **Total Investments**  | $221115299 | $807610412 | $— | $1028725711  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(175474400) | $— | $(175474400)  |
| **Total Written Options** | $— | $(175474400) | $— | $(175474400) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Purchased Options | $— | $173505 | $— | $173505  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 6966078 |  |  | 6966078  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills |  | 728170461 |  | 728170461  |
| **Total Investments** | $6966078 | $728343966 | $— | $735310044  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(349700) | $— | $(349700)  |
| **Total Written Options** | $— | $(349700) | $— | $(349700) |

---

91<br>

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bonds | $— | $8353992 | $— | $8353992  |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 2430 |  | 2430  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 82797 |  |  | 82797  |
| **Total Investments.** | $82797 | $8356422 | $— | $8439219  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(6000) | $— | $(6000)  |
| **Total Written Options** | $— | $(6000) | $— | $(6000) |

---

**NEOS Enhanced Income Aggregate Bond ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds | $121460224 | $— | $— | $121460224  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 35842 |  | 35842  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 633348 |  |  | 633348  |
| **Total Investments** | $122093572 | $35842 | $— | $122129414  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options. | $— | $(88500) | $— | $(88500)  |
| **Total Written Options** | $— | $(88500) | $— | $(88500) |

---

**NEOS Enhanced Income Credit Select ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $168323101 | $— | $— | $168323101  |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 52245 |  | 52245  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 9090855 |  |  | 9090855  |
| **Total Investments**  | $177413956 | $52245 | $— | $177466201  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(129000) | $— | $(129000)  |
| **Total Written Options** | $— | $(129000) | $— | $(129000) |

---

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

**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**NEOS Gold High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $51869560 | $— | $— | $51869560  |
| &nbsp;&nbsp;&nbsp; Purchased Options  |  | 15430847 |  | 15430847  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 2168414 |  |  | 2168414  |
| &nbsp;&nbsp;&nbsp; U.S. Treasury Bills  |  | 146825317 |  | 146825317  |
| **Total Investments**  | $54037974 | $162256164 | $— | $216294138  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(2882490) | $— | $(2882490)  |
| **Total Written Options** | $— | $(2882490) | $— | $(2882490) |

---

**NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $348468765 | $— | $— | $348468765  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 3853125 |  | 3853125  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 1985018 |  |  | 1985018  |
| **Total Investments** | $350453783 | $3853125 | $— | $354306908  |
| **Liabilities:** |  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(5931180) | $— | $(5931180)  |
| **Total Written Options** | $— | $(5931180) | $— | $(5931180) |

---

**NEOS Nasdaq-100<sup>®</sup> High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6636756877 | $— | $— | $6636756877  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 32637624 |  |  | 32637624  |
| **Total Investments** | $6669394501 | $— | $— | $6669394501  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(61953950) | $— | $(61953950)  |
| **Total Written Options** | $— | $(61953950) | $— | $(61953950) |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**NEOS Real Estate High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment <br>Trusts - Common  | $143558904 | $— | $— | $143558904  |
| &nbsp;&nbsp;&nbsp; Common Stocks  | 12774800 |  |  | 12774800  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 512455 |  |  | 512455  |
| **Total Investments**  | $156846159 | $— | $— | $156846159  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(1319554) | $— | $(1319554)  |
| **Total Written Options** | $— | $(1319554) | $— | $(1319554) |

---

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Exchange Traded Funds  | $389741063 | $— | $— | $389741063  |
| &nbsp;&nbsp;&nbsp; Money Market Funds  | 1471361 |  |  | 1471361  |
| **Total Investments**  | $391212424 | $— | $— | $391212424  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(4045050) | $— | $(4045050)  |
| **Total Written Options** | $— | $(4045050) | $— | $(4045050) |

---

**NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $17800533 | $— | $— | $17800533  |
| &nbsp;&nbsp;&nbsp; Real Estate Investment<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trusts - Common | 330501 |  |  | 330501  |
| &nbsp;&nbsp;&nbsp; Purchased Options |  | 87360 |  | 87360  |
| &nbsp;&nbsp;&nbsp; Contingent Value Rights |  |  | 0 | 0 |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 88682 |  |  | 88682  |
| **Total Investments** | $18219716 | $87360 | $0 | $18307076  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(169325) | $— | $(169325)  |
| **Total Written Options** | $— | $(169325) | $— | $(169325) |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**NEOS S&P 500<sup>®</sup> High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Level 1** | **Level 2** | **Level 3** | **Total**  |
| **Assets:**<br>|  |  |  |  |
| <u>Investments:</u><br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Common Stocks | $6182520540 | $— | $— | $6182520540  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Real Estate Investment <br>Trusts - Common | 107895031 |  |  | 107895031  |
| &nbsp;&nbsp;&nbsp; Contingent Value Rights |  |  | 0 | 0  |
| &nbsp;&nbsp;&nbsp; Money Market Funds | 22246670 |  |  | 22246670  |
| **Total Investments** | $6312662241 | $— | $0 | $6312662241  |
| **Liabilities:**<br>|  |  |  |  |
| &nbsp;&nbsp;&nbsp; Written Options | $— | $(45207600) | $— | $(45207600)  |
| **Total Written Options** | $— | $(45207600) | $— | $(45207600) |

---

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

Management has determined that the amount of Level 3 securities compared to total net assets is not material for the NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF and NEOS S&P 500<sup>®</sup> High Income ETF; therefore, the rollforward of Level 3 securities are not shown for the period ended November 30, 2025.

Significant unobservable valuation inputs monitored by the Adviser, the Valuation Designee pursuant to Rule 2a-5, under the oversight of the Board of Trustees for restricted securities or Level 3 investments as of November 30, 2025 for the NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF and NEOS S&P 500<sup>®</sup> High Income ETF are as follows:

**NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value as of** <br>**11/30/2025** | **Valuation** <br>**Technique** | **Unobservable Input** | **Input Values** <br>(Ranges)  |
| Sycamore Contingent Value Right<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $0 | Projected Final <br>Distribution | Discount of Projected <br>Distribution | &nbsp;&nbsp;&nbsp; $3.00 |

---

\* This Level 3 security was received through a corporate action. The security is being kept open due to the potential of an additional distribution. Based on the evaluation of the likelihood of an additional distribution, the security is being priced at zero.

**NEOS S&P 500<sup>®</sup> High Income ETF** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Description** | **Fair Value as of** <br>**11/30/2025** | **Valuation** <br>**Technique** | **Unobservable Input** | **Input Values** <br>(Ranges)  |
| Sycamore Contingent Value Right<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $0 | Projected Final <br>Distribution | Discount of Projected <br>Distribution | &nbsp;&nbsp;&nbsp; $3.00  |
| Abiomed Contingent Value Right<sup>\*</sup> | &nbsp;&nbsp;&nbsp;&nbsp; $0 | Projected Final <br>Distribution | Discount of Projected <br>Distribution | &nbsp;&nbsp;&nbsp; $35.00 |

---

\* These Level 3 securities were received through corporate actions. The securities are being kept open due to the potential of an additional distribution. Based on the evaluation of the likelihood of an additional distribution, these securities are being priced at zero. 

&nbsp;&nbsp;&nbsp;&nbsp;B. *Written Option Contracts*. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The Funds write
 (sell) put or call options for hedging purposes, volatility management purposes, or otherwise to gain, or reduce, long or short exposure
 to one or more asset classes or issuers. When the Funds write (sell) an option, an amount equal to the premium received by the Fund is
 included in the Statement of Assets and Liabilities as an asset and an equivalent liability. The amount of the liability is subsequently
 priced daily to reflect the current value of the option written. Refer to Note 2 (A). for a pricing description. By writing an option,
 the Funds may become obligated during the term of the option to deliver or purchase the securities underlying the option at the exercise
 price if the option is exercised. These contracts

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

may involve market risk in excess of the amounts receivable or payable reflected on the Statement of Assets and Liabilities. Refer to Note 2 (I). for further derivative disclosures and Note 2 (E). for further counterparty risk disclosure.

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

&nbsp;&nbsp;&nbsp;&nbsp;C. *Purchased Option Contracts*. The Funds are subject to equity price risk in the normal course of pursuing their investment objectives. The
 Funds will purchase call or put options. When the Funds purchase an option contract, an amount equal to the premiums paid is included
 in the value of investments on the Statement of Assets and Liabilities and is subsequently priced daily to reflect the value of the purchased
 option contract. Refer to Note 2 (A). for a pricing description. Refer to Note 2 (I). for further derivative disclosures and Note 2 (E).
 for further counterparty risk disclosure. When option contracts expire or are closed, realized gains or losses are recognized without
 regard to any unrealized appreciation or depreciation on the underlying securities that may be held by the Funds. If the Funds exercise
 a call option, the cost of the security acquired is increased by the premium paid for the call. If the Funds exercise a put option, the
 premium paid for the put option increases the cost of the underlying security and a gain or loss is realized from the sale of the underlying
 security.

&nbsp;&nbsp;&nbsp;&nbsp;D. *Real Estate Investment Trusts ("REITs")*. Certain Funds may invest in REITs. REITs invest primarily in real property while mortgage
 REITs make construction, development and long term mortgage loans. Their value may be affected by changes in the value of the underlying
 property of the REIT, the creditworthiness of the issuer, property taxes, interest rates, and tax and regulatory requirements, such as
 those relating to the environment.

REITs are dependent upon management skill, are not diversified and are subject to heavy cash flow dependency, default by borrowers, self-liquidation and the possibility of failing to qualify for tax free income status under the Internal Revenue Code of 1986 and failing to be exempt from registration as a registered investment company under the 1940 Act.

Distributions from REIT investments may be comprised of return of capital, capital gains and income. The actual character of amounts received during the year is not known until after the REIT's fiscal year end. The Fund records the character of distributions received from REITs during the year based on estimates available. The characterization of distributions received by the Fund may be subsequently revised based on information received from the REITs after their tax reporting periods have concluded.

&nbsp;&nbsp;&nbsp;&nbsp;E. *Basis for Consolidation*. The NEOS Bitcoin High Income ETF and the NEOS Gold High Income ETF may invest up to 25% of its total assets in the
 NEOS Bitcoin High Income Portfolio CFC and the NEOS Gold High Income Portfolio CFC, respectively, a subsidiary that is wholly-owned by
 each Fund and organized under the laws of the Cayman Islands (the "Subsidiary"). Each Subsidiary may directly invest without
 limitation in Spot Bitcoin ETPs for the NEOS Bitcoin High Income Portfolio CFC and in Gold ETPs for the NEOS Gold High Income Portfolio
 CFC; however, each Subsidiary will comply with the same derivatives rule requirements under the 1940 Act when viewed on a consolidated
 basis with each Fund, with respect to its investments in derivatives and leverage; and also complies with the provisions of Section 15
 of the 1940 Act (regarding investment advisory contract approvals). Each Fund's investment in the Subsidiary will not exceed 25%
 of the value of each Fund's total assets (notwithstanding any subsequent market appreciation in the Subsidiary's value). Asset
 limitations are imposed by Subchapter M of the Internal Revenue Code of 1986, as amended (the "Code"), and are measured at
 each taxable year and quarter end. The Adviser also serves as the investment adviser to each Subsidiary, but does not receive separate
 compensation.

Each Subsidiary is not registered under the 1940 Act but is subject to certain protections of the 1940 Act with respect to the Funds, as described in each Fund's Statement of Additional Information. Each Fund's

96<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

investments in the Subsidiary are subject to the investment policies and restrictions of the respective Fund, including those related to leverage, collateral and liquidity. In addition, the valuation and brokerage policies of the Funds are applied to the Subsidiary. Each Fund's investments in the Subsidiary are not subject to all investor protection provisions of the 1940 Act. However, because each Fund is the sole investor in each respective Subsidiary, it is not likely that the Subsidiary will take any action that is contrary to the interests of each Fund and its shareholders. The financial information of each Subsidiary has been consolidated into each Fund's consolidated financial statements. The NEOS Bitcoin High Income ETF and the NEOS Gold High Income ETF had 20.1% and 23.7%, respectively, of its total assets invested in each respective Subsidiary as of November 30, 2025.

Each Subsidiary is an exempted Cayman Islands investment company and as such is not subject to Cayman Islands taxes at the present time. For U.S. income tax purposes, each Subsidiary is a Controlled Foreign Corporation ("CFC") not subject to U.S. income taxes. As a wholly-owned CFC, however, each Subsidiary's net income and capital gains, if any, will be included each year in each Fund's investment company taxable income.

&nbsp;&nbsp;&nbsp;&nbsp;F. *Counterparty Risk.* The Funds help manage counterparty credit risk by entering into agreements only with counterparties the Adviser believes
 have the financial resources to honor their obligations. The Adviser considers the credit worthiness of each counterparty to a contract
 in evaluating potential credit risk. Written options contracts sold on an exchange do not expose the Funds to counterparty risk; the exchange's
 clearinghouse guarantees the options against counterparty non-performance. Over-the-counter options counterparty risk includes the risk
 of loss of the full amount of any net unrealized appreciation.

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

&nbsp;&nbsp;&nbsp;&nbsp;H. *Federal Income Taxes*. Each Fund qualifies or intends to qualify as a regulated investment company ("RIC") under Subchapter M of the
 Internal Revenue Code of 1986, as amended. If so qualified, the Funds will not be subject to federal income tax to the extent each Fund
 distributes substantially all its taxable net investment income and net capital gains to its shareholders. Therefore, no provision for
 federal income tax should be required. Management of the Funds is required to determine whether a tax position taken by the Funds is more
 likely than not to be sustained upon examination by the applicable taxing authority. Based on its analysis, Management has concluded that
 there are no significant uncertain tax positions that would require recognition in the financial statements as of November 30, 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;I. *Distributions to Shareholders*. Each Fund expects to declare and distribute all of its net investment income, if any, to shareholders as dividends
 monthly. The Funds will distribute net realized capital gains, if any, at least annually. The Funds may distribute such income dividends
 and capital gains more frequently, if necessary, to reduce or eliminate federal excise or income taxes on the Funds.

Each Fund records the dividends it receives from underlying investments as dividends receivable (asset) and dividend income (income) on ex-dividend date. On pay-date, cash is received from the dividend payment and the dividends receivable account is relieved.

The amount of any distribution will vary, and there is no guarantee the Funds will pay either an income dividend or a capital gains distribution.

&nbsp;&nbsp;&nbsp;&nbsp;J. *Derivatives*.
 The Funds may utilize derivative instruments such as options and other instruments with similar characteristics to the extent that they
 are consistent with the Funds' respective investment objectives and limitations. The use of these instruments may involve additional
 investment risks, including the possibility of illiquid markets or imperfect correlation between the value of the instruments and the
 underlying securities. Derivatives also may create leverage which will amplify the effect of their performance on the Funds and may produce
 significant losses.

97<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

For the period ended November 30, 2025, the Funds' average derivative volume is described below:

---

| | | |
|:---|:---|:---|
|  | **Average** <br>**Quantity** | **Average** <br>**Notional Value**  |
| **NEOS Bitcoin High Income ETF**<br>|  |  |
| Purchased Option Contracts | 3613 | $508490002  |
| Written Option Contracts | 5983 | $838299916  |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF**<br>|  |  |
| Purchased Option Contracts | 965 | $634834053  |
| Written Option Contracts | 965 | $634834053  |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF**<br>|  |  |
| Purchased Option Contracts | 7 | $4859498  |
| Written Option Contracts | 7 | $4859498  |
| **NEOS Enhanced Income Aggregate Bond ETF**<br>|  |  |
| Purchased Option Contracts | 160 | $105220324  |
| Written Option Contracts | 160 | $105220324  |
| **NEOS Enhanced Income Credit Select ETF**<br>|  |  |
| Purchased Option Contracts | 234 | $153571950  |
| Written Option Contracts | 234 | $153571950  |
| **NEOS Gold High Income ETF**<br>|  |  |
| Purchased Option Contracts | 2120 | $76425844  |
| Written Option Contracts | 4014 | $144565623  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF**<br>|  |  |
| Purchased Option Contracts | 142 | $342837541  |
| Written Option Contracts | 248 | $599738236  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF**<br>|  |  |
| Written Option Contracts | 1239 | $3033270146  |
| **NEOS Real Estate High Income ETF**<br>|  |  |
| Written Option Contracts | 8393 | $80675913  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF**<br>|  |  |
| Written Option Contracts | 867 | $206818303  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF**<br>|  |  |
| Purchased Option Contracts | 14 | $9477709  |
| Written Option Contracts | 24 | $16275976  |
| **NEOS S&P 500<sup>®</sup> High Income ETF**<br>|  |  |
| Written Option Contracts | 5854 | $3860562956 |

---

The Funds have adopted authoritative standards regarding disclosure about derivatives and hedging activities and how they affect the Funds' Statement of Assets and Liabilities and Statement of Operations.

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**Statements of Assets and Liabilities** 

Fair values of derivative instruments as of November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value**  | **Fair Value**  |
|  | **Statements of Assets and** <br>**Liabilities Location** | **Assets** | **Liabilities**  |
| **NEOS Bitcoin High Income ETF**<br>|  |  |  |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index  | Investments, at value | $6657200 | $—  |
| Written Options: |  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 175474400  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $6657200 | $175474400  |
| **NEOS Enhanced 1-3 Month T-Bill ETF** | **NEOS Enhanced 1-3 Month T-Bill ETF** | **NEOS Enhanced 1-3 Month T-Bill ETF** | **NEOS Enhanced 1-3 Month T-Bill ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $173505 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 349700  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $173505 | $349700  |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $2430 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value  | $— | $6000  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $2430 | $6000  |
| **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** | **NEOS Enhanced Income Aggregate Bond ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $35842 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 88500  |
| &nbsp;&nbsp;&nbsp; **Total Derivatives not accounted for as**<br>**hedging instruments** |  | $35842 | $88500  |
| **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** | **NEOS Enhanced Income Credit Select ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $52245 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value |  | 129000  |
|  **Total Derivatives not accounted for as hedging instruments** |  | $52245 | $129000  |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Statements of Assets and** <br>**Liabilities Location** | **Fair Value**  | **Fair Value**  |
|  | **Statements of Assets and** <br>**Liabilities Location** | **Assets** | **Liabilities**  |
| **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** | **NEOS Gold High Income ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity | Investments, at value | $15430847 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity  | Written option contracts, at value | $— | $2882490  |
|  **Total Derivatives not accounted for as hedging instruments** |  | $15430847 | $2882490  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $3853125 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value  | $— | $5931180  |
|  **Total Derivatives not accounted for as hedging instruments** |  | $3853125  | $5931180  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** | **NEOS Nasdaq-100<sup>®</sup> High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value  | $— | $61953950  |
|  **Total Derivatives not accounted for as hedging instruments** |  | $— | $61953950  |
| **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** | **NEOS Real Estate High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity | Written option contracts, at value | $— | $1319554  |
|  **Total Derivatives not accounted for as hedging instruments** |  | $— | $1319554  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** | **NEOS Russell 2000<sup>®</sup> High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $4045050  |
|  **Total Derivatives not accounted for as hedging instruments** |  | $— | $4045050  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** | **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF** |
| Purchased Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Investments, at value | $87360 | $—  |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $169325  |
|  **Total Derivatives not accounted for as hedging instruments** |  | $87360 | $169325  |
| **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** | **NEOS S&P 500<sup>®</sup> High Income ETF** |
| Written Options:<br>|  |  |  |
| &nbsp;&nbsp;&nbsp; Equity Index | Written option contracts, at value | $— | $45207600  |
|  **Total Derivatives not accounted for as hedging instruments** |  | $— | $45207600 |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**Statements of Operations** 

The effect of derivative instruments on the Statements of Operations for the period ended November 30, 2025:

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  |
|  | **Purchased Options\*** | **Written Options** | **Total**  |
| **NEOS Bitcoin High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $(7586973) | $74087413 | $66500440  |
| Total | &nbsp;&nbsp;&nbsp; $(7586973) | $74087413 | $66500440  |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $(5777001) | $16515329 | $10738328  |
| Total | &nbsp;&nbsp;&nbsp; $(5777001) | $16515329 | $10738328  |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $(49815) | $113897 | $64082  |
| Total | &nbsp;&nbsp;&nbsp; $(49815) | $113897 | $64082  |
| **NEOS Enhanced Income Aggregate Bond ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $(1182538) | $3391355 | $2208817  |
| Total | &nbsp;&nbsp;&nbsp; $(1182538) | $3391355 | $2208817  |
| **NEOS Enhanced Income Credit Select ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $(1744928) | $5222849 | $3477921  |
| Total | &nbsp;&nbsp;&nbsp; $(1744928) | $5222849 | $3477921  |
| **NEOS Gold High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp; $7640912 | $(6289919) | $1350993  |
| Total | &nbsp;&nbsp;&nbsp; $7640912 | $(6289919) | $1350993  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $(16463225) | $(539601) | $(17002826)  |
| Total | &nbsp;&nbsp;&nbsp; $(16463225) | $(539601) | $(17002826)  |

---

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  | **Net Realized Gain (Loss) on Derivatives**  |
|  | **Purchased Options\*** | **Written Options** | **Total**  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $— | $(106282758) | $(106282758)  |
| Total | &nbsp;&nbsp;&nbsp; $— | $(106282758) | $(106282758)  |
| **NEOS Real Estate High Income ETF**<br>|  |  |  |
|  Derivatives Not Accounted for as Hedging Instruments<br>|  |  |  |
| Equity Contracts | &nbsp;&nbsp;&nbsp; $— | $2717893 | $2717893  |
| Total | &nbsp;&nbsp;&nbsp; $— | $2717893 | $2717893  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $— | $3432360 | $3432360  |
| Total | &nbsp;&nbsp;&nbsp; $— | $3432360 | $3432360  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $(226939) | $(185479) | $(412418)  |
| Total | &nbsp;&nbsp;&nbsp; $(226939) | $(185479) | $(412418)  |
| **NEOS S&P 500<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts | &nbsp;&nbsp;&nbsp; $— | $(75459109) | $(75459109)  |
| Total | &nbsp;&nbsp;&nbsp; $— | $(75459109) | $(75459109) |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
|  | **Purchased Options\*\*** | **Written Options** | **Total**  |
| **NEOS Bitcoin High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(78210199) | $(90804620)  | $(169014819)  |
| Total  | &nbsp;&nbsp;&nbsp; $(78210199) | $(90804620)  | $(169014819)  |
| **NEOS Enhanced Income 1-3 Month T-Bill ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(81862) | $156060 | $74198  |
| Total  | &nbsp;&nbsp;&nbsp; $(81862) | $156060 | $74198  |

---

102<br>

------

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
|  | **Purchased Options\*\*** | **Written Options** | **Total**  |
| **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** | **NEOS Enhanced Income 20+ Year Treasury Bond ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(1642) | &nbsp;&nbsp; $3826 | &nbsp;&nbsp; $2184  |
| Total  | &nbsp;&nbsp;&nbsp; $(1642) | &nbsp;&nbsp; $3826 | &nbsp;&nbsp; $2184  |
| **NEOS Enhanced Income Aggregate Bond ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(14914) | &nbsp;&nbsp; $33738 | &nbsp;&nbsp; $18824  |
| Total  | &nbsp;&nbsp;&nbsp; $(14914) | &nbsp;&nbsp; $33738 | &nbsp;&nbsp; $18824  |
| **NEOS Enhanced Income Credit Select ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(19489) | &nbsp;&nbsp; $43695 | &nbsp;&nbsp; $24206  |
| Total  | &nbsp;&nbsp;&nbsp; $(19489) | &nbsp;&nbsp; $43695 | &nbsp;&nbsp; $24206  |
| **NEOS Gold High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $6771759 | &nbsp;&nbsp; $2926365 | &nbsp;&nbsp; $9698124  |
| Total  | &nbsp;&nbsp;&nbsp; $6771759 | &nbsp;&nbsp; $2926365 | &nbsp;&nbsp; $9698124  |
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(222322) | &nbsp;&nbsp; $(196120) | &nbsp;&nbsp; $(418442)  |
| Total  | &nbsp;&nbsp;&nbsp; $(222322) | &nbsp;&nbsp; $(196120) | &nbsp;&nbsp; $(418442)  |
| **NEOS Nasdaq-100<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(4018136) | &nbsp;&nbsp; $(4018136)  |
| Total  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(4018136) | &nbsp;&nbsp; $(4018136)  |
| **NEOS Real Estate High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Contracts  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(8680) | &nbsp;&nbsp; $(8680)  |
| Total | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(8680) | &nbsp;&nbsp; $(8680)  |
| **NEOS Russell 2000<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(280874) | &nbsp;&nbsp; $(280874)  |
| Total  | &nbsp;&nbsp;&nbsp; $— | &nbsp;&nbsp; $(280874) | &nbsp;&nbsp; $(280874)  |

---

103<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

---

| | | | |
|:---|:---|:---|:---|
|  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  | **Net Change in Unrealized Appreciation** <br>(Depreciation) on Derivatives  |
|  | **Purchased Options\*\*** | **Written Options** | **Total**  |
| **NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $(3101) | $(4118) | $(7219)  |
| Total  | &nbsp;&nbsp;&nbsp; $(3101) | $(4118) | $(7219)  |
| **NEOS S&P 500<sup>®</sup> High Income ETF**<br>|  |  |  |
|  **Derivatives Not Accounted for as Hedging Instruments**<br>|  |  |  |
| Equity Index Contracts  | &nbsp;&nbsp;&nbsp; $— | $(4257598) | $(4257598)  |
| Total  | &nbsp;&nbsp;&nbsp; $— | $(4257598) | $(4257598) |

---

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

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

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

---

| | | |
|:---|:---|:---|
|  | **Distributable** <br>**Earnings** <br>**(Accumulated Loss)** | **Paid-in** <br>**Capital**  |
| NEOS Bitcoin High Income ETF  | &nbsp;&nbsp; $6271 | $(6271)  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  | &nbsp;&nbsp; (1177) | 1177  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF  | &nbsp;&nbsp; — | —  |
| NEOS Enhanced Income Aggregate Bond ETF  | &nbsp;&nbsp; (16036) | 16036  |
| NEOS Enhanced Income Credit Select ETF | &nbsp;&nbsp; (5976) | 5976  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | &nbsp;&nbsp; (10718791) | 10718791  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | &nbsp;&nbsp; (4807171) | 4807171  |
| NEOS Real Estate High Income ETF  | &nbsp;&nbsp; — | —  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | &nbsp;&nbsp; (658297) | 658297  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF  | &nbsp;&nbsp; — | —  |
| NEOS S&P 500<sup>®</sup> High Income ETF  | &nbsp;&nbsp; (17692298) | 17692298 |

---

&nbsp;&nbsp;&nbsp;&nbsp;L. *Fund of Funds Structure*. The NEOS Enhanced Income Credit Select ETF (HYBI) is considered a fund of funds. Investments in ETFs subject HYBI to
 paying its proportionate share of fees and expenses from those investments. In addition, under the 1940 Act, HYBI is subject to restrictions
 that may limit the amount of any particular ETF that the Fund may own. Since the Fund is a "fund of funds," the cost of investing
 in HYBI will generally be higher than the cost of investing directly in ETFs. By investing in HYBI, you will indirectly bear fees and
 expenses charged by the underlying ETFs in which HYBI invests in addition to the Fund's direct fees and expenses. Furthermore, the
 use of a fund of funds structure could affect the timing, amount, and character of the Fund's distributions and therefore may increase
 the amount of your tax liability.

104<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

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

**Management** 

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

Under the terms of the Investment Advisory Agreement between the Trust, on behalf of the Funds, and the Adviser, the Adviser provides investment management services to the Funds and oversees the day-to-day operations of the Funds, subject to the supervision of the Board of Trustees (the "Board") and the officers of the Trust. The Adviser administers the Funds' business affairs, provides office facilities and equipment and certain clerical, bookkeeping and administrative services.

Pursuant to the Investment Advisory Agreement, each of Fund pays the Advisor a monthly unitary management fee at an annual rate of:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | 0.98%  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | 0.38%  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | 0.58%  |
| NEOS Enhanced Income Aggregate Bond ETF | 0.58%  |
| NEOS Enhanced Income Credit Select ETF | 0.65%  |
| NEOS Gold High Income ETF | 0.78%  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | 0.68%  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 0.68%  |
| NEOS Real Estate High Income ETF | 0.68%  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | 0.68%  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 0.68%  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 0.68% |

---

For the period ended November 30, 2025, each Fund incurred management fees of:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | $3010609  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | $1168960  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | $13943  |
| NEOS Enhanced Income Aggregate Bond ETF  | $298845  |
| NEOS Enhanced Income Credit Select ETF  | $488688  |
| NEOS Gold High Income ETF. | $324974  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | $1141193  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | $14415190  |
| NEOS Real Estate High Income ETF  | $342997  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | $937336  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF  | $28078  |
| NEOS S&P 500<sup>®</sup> High Income ETF | $16980657 |

---

Additionally, for the period ended November 30, 2025, the Adviser waived $16,522, $27,682, and $117,269 of management fees with respect to the NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF.

Under the Investment Advisory Agreement, the Adviser has agreed to pay all expenses incurred by the Funds except for the management fee, interest, taxes, brokerage commissions and other expenses incurred in placing orders for the purchase and sale of securities and other investment instruments, acquired fund fees and expenses ("AFFE"), extraordinary expenses, and distribution fees and expenses paid by the Funds under any distribution plan adopted pursuant to Rule 12b-1 under the 1940 Act.

105<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

For the NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF the Adviser contractually has agreed to waive its management fee and/or reimburse expenses so that AFFE and total annual Fund operating expenses, excluding portfolio transaction and other investment-related costs (including brokerage fees and commissions); taxes; borrowing costs (such as interest and dividend expenses on securities sold short); fees and expenses associated with investments in other collective investment vehicles or derivative instruments (including for example option and swap fees and expenses); any administrative and/or shareholder servicing fees payable pursuant to a plan adopted by the Board; expenses incurred in connection with any merger or reorganization; extraordinary expenses (such as litigation expenses, indemnification of Trust officers and Trustees and contractual indemnification of Fund service providers); and other expenses that the Trustees agree have not been incurred in the ordinary course of the Fund's business, do not exceed 0.58%, 0.68%, and 0.68%, respectively. This contractual agreement is in place through September 30, 2026 and may not be terminated prior to this date except by the Board.

The NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF has agreed that it will repay the Adviser for fees and expenses waived or reimbursed for the Fund pursuant to the contractual expense limitation described above. Such repayment would increase the Fund's expenses and would appear on the Statements of Operations as "Repayment of prior expenses waived and/or reimbursed by the Adviser." However, repayment would only occur up to the point of each Fund's expense cap.

Each waiver/expense payment by the Adviser is subject to recoupment by the Adviser from the Fund in the three years following the date the particular waiver/expense payment occurred, but only if such recoupment can be achieved without exceeding the annual expense limitation in effect at the time of the waiver/expense payment and any expense limitation in effect at the time of recoupment. For the period ended November 30, 2025, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF did not reimburse expenses to the Adviser.

As of November 30, 2025, the amounts eligible for repayment and the associated periods of expiration are as follows:

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Expires** <br>**May 31, 2026** | **Expires** <br>**May 31, 2027** | **Expires** <br>**May 31, 2028** | **Expires** <br>**May 31, 2029** | **Total Eligible** <br>**for Recoupment**  |
| NEOS Enhanced Income Aggregate Bond ETF | &nbsp;&nbsp;&nbsp;&nbsp; $185 | &nbsp;&nbsp;&nbsp; $1721 | &nbsp;&nbsp; $15091 | $16522 | &nbsp;&nbsp;&nbsp; $33519  |
| NEOS Enhanced Income Credit Select ETF | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; $22891 | $27682 | &nbsp;&nbsp;&nbsp; $50573  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | &nbsp;&nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp;&nbsp; N/A | &nbsp;&nbsp; $98675 | $117269 | &nbsp;&nbsp;&nbsp; $215944 |

---

**Distributor and Fund Officers** 

Foreside Fund Services, LLC (the "Distributor") serves as the principal underwriter for shares of the Funds and acts as each Fund's distributor in a continuous public offering of the Funds' shares and serves as the distributor of Creation Units for the Funds. Shares are continuously offered for sale by the Trust through the Distributor only in Creation Units, as described further in Note 7. Shares in less than Creation Units are not distributed by the Distributor. The Distributor is a broker-dealer registered under the Securities Exchange Act of 1934, as amended, and a member of the Financial Industry Regulatory Authority, Inc. ("FINRA").

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

As of November 30, 2025, certain officers and Trustees of the Trust were also officers or employees of the Adviser or affiliated with the Distributor and received no fees from the Trust for serving as officers.

106<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**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 period ended November 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** | **Sales**  |
| NEOS Bitcoin High Income ETF | $206455014 | $—  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  |  | —  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF  |  | 17428  |
| NEOS Enhanced Income Aggregate Bond ETF | 913425 | —  |
| NEOS Enhanced Income Credit Select ETF  | 125915670 | 122935015  |
| NEOS Gold High Income ETF | 45644062 | —  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | 8900723 | 48390690  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | 128971016 | 454662461  |
| NEOS Real Estate High Income ETF | 1622995 | 859405  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  |  | 20767451  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF  | 49090 | 417657  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 38786733 | 340521480 |

---

The costs of purchases and sales of in-kind transactions, during the period ended November 30, 2025, were as follows:

---

| | | |
|:---|:---|:---|
|  | **Purchases** <br>**In-Kind** | **Sales In-Kind** |
| NEOS Bitcoin High Income ETF | $— | $—  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF |  | —  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | 5530883 | —  |
| NEOS Enhanced Income Aggregate Bond ETF | 31927202 | —  |
| NEOS Enhanced Income Credit Select ETF | 39284783 | 8074417  |
| NEOS Gold High Income ETF |  | —  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | 23793859 | 525976  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 4870256797 | 365383839  |
| NEOS Real Estate High Income ETF | 106762996 | 489546  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | 208937054 | 23229989  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 16488046 | 1071777  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 2389753031 | 211080214 |

---

**NOTE 5 – REVERSE SHARE SPLITS** 

Effective December 26, 2024, NEOS Enhanced Income Credit Select ETF underwent a 1-for-5 reverse share split and cusip change.

Effective February 20, 2025, NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF underwent a 1-for-2 reverse share split and cusip change.

The effect of the reverse share split transactions was to divide the number of outstanding shares of the Funds by the reverse split factor, with a corresponding increase in the net asset value per share. These transactions did not change the net assets of the Funds or the value of a shareholder's investment. The historical share transactions presented in the Statements of Changes in Net Assets and per share data presented in the Financial Highlights have been adjusted retroactively to give effect to the reverse share splits. Additionally, when the application of reverse share splits resulted in fractional shares for beneficial shareholders, a portion of the cost of shares redeemed, as presented in the Statements of Changes in Net Assets, reflects payment of fractional share balances on beneficial shareholder accounts.

107<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

**NOTE 6 – TAX MATTERS** 

The tax character of the distributions paid during the periods ended November 30, 2025 and May 31, 2025 are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Period Ended November 30, 2025** | **Period Ended November 30, 2025** | **Period Ended May 31, 2025**  | **Period Ended May 31, 2025**  |
|  | **Ordinary** <br>**Income** | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains<sup>(a)</sup>** | **Return of** <br>**Capital**  |
| NEOS Bitcoin High Income ETF  | $88079328 | $2638033 | &nbsp;&nbsp; $— | $15661431  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF  | $15797650 | $23338608 | &nbsp;&nbsp; $2508375 | $1124971  |
|  NEOS Enhanced Income 20+ Year Treasury Bond ETF | $160962 | $35038 | &nbsp;&nbsp; $777 | $19685  |
| NEOS Enhanced Income Aggregate Bond ETF  | $3001640 | $1711571 | &nbsp;&nbsp; $216862 | $1049960  |
| NEOS Enhanced Income Credit Select ETF  | $6376799 | $7707273 | &nbsp;&nbsp; $— | $2214922  |
| NEOS Gold High Income ETF  | $6134643 |  | &nbsp;&nbsp; — | —  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF  | $15621000 | $391743 | &nbsp;&nbsp; $— | $20264190  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF  | $325186878 | $1997206 | &nbsp;&nbsp; $1144642 | $110249033  |
| NEOS Real Estate High Income ETF  | $5842092 | $726422 | &nbsp;&nbsp; $35299 | $483942  |
| NEOS Russell 2000<sup>®</sup> High Income ETF  | $20837134 | $2144420 | &nbsp;&nbsp; $2242022 | $11086145  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | $360773 | $1285 | &nbsp;&nbsp; $— | $17205  |
| NEOS S&P 500<sup>®</sup> High Income ETF | $310096239 | $17695715 | &nbsp;&nbsp; $— | $285789094 |

---

<sup>(a)</sup> The Fund designated as long-term capital gain dividend, pursuant to Internal Revenue Code Section 852(b)(3), the amount necessary to reduce the earnings and profits of the Fund related to net capital gain to zero for the tax year ended May 31, 2025. 

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended August 31, 2024**  | **Year Ended August 31, 2024**  | **Year Ended August 31, 2024**  |
|  | **Ordinary** <br>**Income** | **Long-Term** <br>**Capital Gains** | **Return of** <br>**Capital**  |
| NEOS Enhanced Income Credit Select ETF | $4828986 | $— | $—  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | $903624 | $— | $29598677 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **Year Ended August 31, 2023**  | **Year Ended August 31, 2023**  | **Year Ended August 31, 2023**  |
|  | **Ordinary** <br>**Income** | **Long-Term**<br>**Capital Gains** | **Return of** <br>**Capital**  |
| NEOS Enhanced Income Credit Select ETF | $7732892 | $— | $—  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | $1151506 | $— | $35606621 |

---

NEOS Gold High Income ETF commenced operations after May 31, 2025, thus there were no distributions made during the period ended May 31, 2025.

Net capital losses incurred after October 31 and late year losses incurred after December 31 and within the taxable year are deemed to arise on the first business day of each Fund's next taxable year. For the period ended May 31, 2025, NEOS Nasdaq-100<sup>®</sup> High Income ETF had a net Post-October loss of $3,045,741. At May 31, 2025, NEOS S&P 500<sup>®</sup> High Income ETF, NEOS Enhanced Income Credit Select ETF, NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF, and NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF had $21,560,340, $4,747,795, $2,773, and $87,895,228 of short term capital loss carryover, respectively and $35,269,769, $0, $4,238, and $103,585,568 of long-term capital loss carryover, respectively. No other Funds have any short or long-term capital loss carryovers available.

108<br>

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

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

---

| | | | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **NEOS**<br>**Bitcoin** <br>**High** <br>**Income** <br>**ETF** | **NEOS**<br>**Enhanced** <br>**Income** <br>**1-3** <br>**Month** <br>**T-Bill** <br>**ETF** | **NEOS**<br>**Enhanced** <br>**Income** <br>**20+ Year** <br>**Treasury** <br>**Bond** <br>**ETF** | **NEOS**<br>**Enhanced** <br>**Income** <br>**Aggregate** <br>**Bond** <br>**ETF** | **NEOS**<br>**Enhanced** <br>**Income** <br>**Credit** <br>**Select** <br>**ETF** | **NEOS**<br>**Nasdaq-100<sup>®</sup>** <br>**Hedged** <br>**Equity** <br>**Income** <br>**ETF** | **NEOS** <br>**Nasdaq-100<sup>®</sup>** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**Real** <br>**Estate** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**Russell** <br>**2000<sup>®</sup>** <br>**High** <br>**Income** <br>**ETF**  | **NEOS** <br>**S&P 500<sup>®</sup>** <br>**Hedged** <br>**Equity** <br>**Income** <br>**ETF**  | **NEOS** <br>**S&P** <br>**500<sup>®</sup>** <br>**High** <br>**Income** <br>**ETF**  |
| Federal income tax cost of investments, including short positions | 227759528 | 504237839 | 2858668 | 87713014 | 140956679 | 221586095 | 1696663498  | 48051070  | 188331503  | 2024591  | 3363157210  |
| Aggregate gross unrealized<br>appreciation | 19978793 | 53868 |  | 236954 | 1265867  | 107293607 | 169340900  | 1437399  | 708858  | 83009  | 493436704  |
| Aggregate gross unrealized (depreciation) | (103343) |  | (155537)  | (1186701) | (2363861) | (17746911) | (69650617)  | (1418812)  | (12883844)  | (46865)  | (172107114)  |
| Net unrealized appreciation<br>(depreciation) | 19875450 | 53868 | (155537) | (949747)  | (1097994) | 89546696 | 99690283  | 18587  | (12174986)  | 36144  | 321329590  |
| Undistributed Ordinary<br>Income |  |  |  |  |  |  | —  | —  | —  | —  | —  |
| Undistributed Long Term Capital Gains |  |  |  |  |  |  | —  | —  | —  | —  |  |
| Distributable Earnings |  |  |  |  |  |  | —  | —  | —  | —  | —  |
| Accumulated capital and other gain/(loss) | (162884) | (1) |  |  | (4747795)  | (191822361) | (3045741)  | —  | —  | (7070)  | (57836261)  |
| Total distributable earnings (accumulated loss) | 19712566 | 53867 | (155537) | (949747) | (5845789)  | (102275665) | 96644542  | 18587  | (12174986)  | 29074  | 263493329 |

---

**NOTE 7 – SHARE TRANSACTIONS** 

Each Fund currently offers one class of shares, which has no front-end sales loads, no deferred sales charges, and no redemption fees. The standard fixed transaction fees for the NEOS Bitcoin High Income ETF, NEOS Enhanced Income 1-3 Month T-Bill ETF, NEOS Enhanced Income 20+ Year Treasury Bond ETF, NEOS Enhanced Income Aggregate Bond ETF, NEOS Enhanced Income Credit Select ETF, NEOS Gold High Income ETF, NEOS Real Estate High Income ETF, and NEOS Russell 2000<sup>®</sup> High Income ETF are $300, and the NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF, NEOS Nasdaq-100<sup>®</sup> High Income ETF, NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF, and NEOS S&P 500<sup>®</sup> High Income ETF is $500, payable to the Custodian. Additionally, a variable transaction fee may be charged by the Funds of up to a maximum of 2% of the value of the Creation Units (inclusive of any transaction fees charged), for each creation or redemption. Variable transaction fees are imposed to compensate the Funds for the transaction costs associated with creation and redemption transactions. The Adviser may adjust or waive the transaction fees from time to time. The Funds may each issue an unlimited number of shares of beneficial interest, with no par value. All shares of the Funds have equal rights and privileges.

Shares of the NEOS Enhanced Income 1-3 Month T-Bill ETF and NEOS Enhanced Income Aggregate Bond ETF are listed and traded on the NYSE Arca, Inc., shares of the NEOS Bitcoin High Income ETF, NEOS Enhanced Income 20+ Year Treasury Bond ETF, NEOS Gold High Income ETF, NEOS Real Estate High Income ETF, NEOS Russell 2000<sup>®</sup> High Income ETF, NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF, and NEOS S&P 500<sup>®</sup> High Income ETF are listed and traded on the Cboe BZX Exchange, Inc. and shares of the NEOS Enhanced Income Credit Select ETF, NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF, and NEOS Nasdaq-100<sup>®</sup> High Income ETF are listed and traded on Nasdaq Stock Market LLC (the "Exchanges"). Market prices for the Shares may be different from their NAV. The Funds will

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

issue and redeem Shares on a continuous basis at NAV only in large blocks of Shares, typically 10,000 Shares, called "Creation Units." Creation Unit transactions are conducted in exchange for the deposit or delivery of a designated basket of in-kind securities and/or cash. Once created, Shares generally will trade in the secondary market in amounts less than a Creation Unit and at market prices that change throughout the day. Except when aggregated in Creation Units, shares are not redeemable securities of the Funds. Shares of the Funds may only be purchased or redeemed by certain financial institutions ("Authorized Participants"). An Authorized Participant is either (i) a broker-dealer or other participant in the clearing process through the Continuous Net Settlement System of the National Securities Clearing Corporation ("NSCC") or (ii) a participant in the Depository Trust Company ("DTC") and, in each case, must have executed a Participant Agreement with the Funds' Distributor. Most retail investors will not qualify as Authorized Participants or have the resources to buy and sell whole Creation Units. Therefore, they will be unable to purchase or redeem shares directly from the Funds. Rather, most retail investors will purchase shares in the secondary market with the assistance of a broker and will be subject to customary brokerage commissions or fees.

**NOTE 8 – BENEFICIAL OWNERSHIP** 

The beneficial ownership, either directly or indirectly, of more than 25% of the voting securities of a fund creates a presumption of control of the fund, under Section 2(a)(9) of the 1940 Act. As of the date of these financial statements, the Adviser has no voting power of the shares outstanding of any of the Funds.

**NOTE 9 – BASIS OF CONSOLIDATION** 

The Consolidated Schedules of Portfolio Investments, Consolidated Statements of Assets and Liabilities, Consolidated Statements of Operations, Consolidated Statements of Changes in Net Assets and Consolidated Financial Highlights of the NEOS Bitcoin High Income ETF and NEOS Gold High Income ETF include the accounts of each Fund's wholly owned Subsidiary organized under the laws of the Cayman Islands (the "Subsidiary"), which primarily invest in exchange-traded products with direct exposure to Bitcoin and gold, respectively. The Subsidiary enables the NEOS Bitcoin High Income ETF and NEOS Gold High Income ETF to hold these Bitcoin-related and Gold-related instruments, respectively, and satisfy regulated investment company tax requirements. The NEOS Bitcoin High Income ETF and NEOS Gold High Income ETF will invest a significant portion of its total assets in its Subsidiary. As of November 30, 2025, the total net assets of each Subsidiary as a percentage of each fund's total net assets are displayed below:

---

| | | |
|:---|:---|:---|
| **Fund** | **Subsidiary** | **Percentage of** <br>**Net Assets of Fund**  |
| NEOS Bitcoin High Income ETF | NEOS Bitcoin High Income Portfolio CFC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.2%  |
| NEOS Gold High Income ETF | NEOS Gold High Income Portfolio CFC | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 24.5% |

---

**NOTE 10 – PRINCIPAL RISKS** 

As with all ETFs, shareholders of the Funds are subject to the risk that their investment could lose money. The Funds are subject to the principal risks, any of which may adversely affect each Fund's NAV, trading price, yield, total return and ability to meet their investment objectives. A description of principal risks is included in each prospectus under the heading "Principal Risks of Investing in the Fund".

**NOTE 11 – GUARANTEES AND INDEMNIFICATIONS** 

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

**NOTE 12 – FUND REORGANIZATIONS** 

The NEOS Enhanced Income Credit Select ETF (the "Fund") acquired all of the assets and liabilities of the WSTCM Credit Select Risk-Managed Fund, a mutual fund series of the WST Investment Trust (the "Predecessor Fund") in a tax-free reorganization on September 27, 2024. Effective September 27, 2024, the assets and liabilities of

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

the Predecessor Fund were transferred to the Fund in exchange for shares of the Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, for tax purposes and book purposes the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by the Fund in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was August 31, and the Fund is May 31. The reporting period covered by this report for the Fund is September 1, 2024 through May 31, 2025. Operations prior to September 27, 2024, were for the Predecessor Fund.

---

| | | |
|:---|:---|:---|
| **NEOS Enhanced Income Credit Select ETF** | **Before Reorganization** | **After Reorganization**  |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $136224607 | &nbsp;&nbsp;&nbsp; $136224607  |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 12970040 | &nbsp;&nbsp;&nbsp; 12970040  |
| Net Asset Value Per Share | &nbsp;&nbsp;&nbsp;&nbsp; $10.50 | &nbsp;&nbsp;&nbsp; $10.50  |
| Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp; $4528644 | &nbsp;&nbsp;&nbsp; $4528644 |

---

The NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF (the "Fund") acquired all of the assets and liabilities of the Nationwide Nasdaq-100<sup>®</sup> Risk-Managed Income ETF, a series of the ETF Series Solutions (the "Predecessor Fund"), in a tax-free reorganization on November 11, 2024. Effective November 11, 2024, the assets and liabilities of the Predecessor Fund were transferred to the Fund in exchange for shares of the Predecessor Fund. For financial reporting purposes, assets received and shares issued by the Fund were recorded at fair value; however, for tax purposes and book purposes the cost basis of the investments received from the Predecessor Fund was carried forward to align ongoing reporting of the Fund's realized and unrealized gains and losses with amounts distributable to shareholders for tax purposes. Costs incurred by the Fund in connection with the reorganization were paid by the Adviser. The fiscal year end of the Predecessor Fund was August 31, and the Fund is May 31. The reporting period covered by this report for the Fund is September 1, 2024 through May 31, 2025. Operations prior to November 11, 2024, were for the Predecessor Fund.

---

| | | |
|:---|:---|:---|
| **NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF** | **Before Reorganization** | **After Reorganization**  |
| Net Assets | &nbsp;&nbsp;&nbsp;&nbsp; $336883218 | &nbsp;&nbsp;&nbsp; $336883218  |
| Shares Outstanding | &nbsp;&nbsp;&nbsp;&nbsp; 12800000 | &nbsp;&nbsp;&nbsp; 12800000  |
| Net Asset Value Per Share | &nbsp;&nbsp;&nbsp;&nbsp; $26.32 | &nbsp;&nbsp;&nbsp; $26.32  |
| Net Unrealized Appreciation | &nbsp;&nbsp;&nbsp;&nbsp; $102143631 | &nbsp;&nbsp;&nbsp; $102143631 |

---

**NOTE 13 – ACCOUNTING PRONOUNCEMENTS AND/OR REGULATORY UPDATES** 

Each Fund has one reportable segment. Business activities are managed on a consolidated basis and revenues are derived primarily through Fund's investments in accordance with its investment objective. Each Fund's Chief Operating Decision Maker ("CODM") is the Fund Principal Executive Officer and Chief Operating Officer at the Adviser. The CODM assesses performance based on a Fund's Total Return as reported in the Financial Highlights, and the same accounting policies are applied as described in the summary of significant accounting policies. Each Fund's Total Return is utilized by the CODM to compare results, including the impact of a Fund's costs, to a Fund's competitors and to a Fund's benchmark index.

The Funds adopted the FASB Accounting Standards Update 2023-09, "Income Taxes (Topic 740) Improvements to Income Tax Disclosures" ("ASU 2023-09"). Adoption of the new standard by the Funds impacted financial statement disclosures only and did not affect the Funds financial position or results of operations. A disaggregation of income taxes paid by jurisdiction is presented when significant income taxes are paid. Income taxes paid by the Funds for the period were determined to not be significant.

**NOTE 14 – SUBSEQUENT EVENTS** 

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

The FIS Christian Stock Fund, a series of the FIS Trust, acquired all of the assets and liabilities of the FIS Christian Stock Fund, a series of NEOS ETF Trust in a tax-free reorganization on December 31, 2025. On December 31, 2025, Capital Insight Partners, LLC ceased to be the sub-adviser for FIS Christian Stock Fund. On December 29, 2025, FIS Bright Portfolios Focused Equity ETF held a special meeting of shareholders (the "Special Meeting"). At the Special

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**NOTES TO THE FINANCIAL STATEMENTS** 

**November 30, 2025 (Unaudited)(Continued)** 

Meeting, the shareholders of the FIS Bright Portfolios Focused Equity ETF were asked to approve an Agreement and Plan of Reorganization pursuant to which Bright Portfolios Focused Equity ETF will be reorganized into a new shell series of FIS Trust, as approved by the Board of Trustees of NEOS ETF Trust. The Special Meeting for Bright Portfolios Focused Equity ETF was adjourned to January 21, 2026 so that Bright Portfolios Focused Equity ETF may solicit additional votes of shares necessary to approve the reorganization.

As of December 1, 2025 the NEOS ETF Trust changed their financial reporting and tax reporting fiscal year end to a December 31, calendar year end from a May 31, calendar year end.

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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**OTHER NON-AUDITED INFORMATION** 

**November 30, 2025 (Unaudited)** 

**TAX INFORMATION** 

For the fiscal period 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:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | 0.00%  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | 0.00%  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | 0.00%  |
| NEOS Enhanced Income Aggregate Bond ETF | 0.00%  |
| NEOS Enhanced Income Credit Select ETF | 0.00%  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | 100.00%  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 100.00%  |
| NEOS Real Estate High Income ETF | 0.00%  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | 41.08%  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 100.00%  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 100.00% |

---

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

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | 0.00%  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | 0.00%  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | 0.00%  |
| NEOS Enhanced Income Aggregate Bond ETF | 0.00%  |
| NEOS Enhanced Income Credit Select ETF | 0.00%  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF . | 100.00%  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 100.00%  |
| NEOS Real Estate High Income ETF | 0.00%  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | 0.00%  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 100.00%  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 100.00% |

---

For the period 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:

---

| | |
|:---|:---|
| NEOS Bitcoin High Income ETF | 49.32%  |
| NEOS Enhanced Income 1-3 Month T-Bill ETF | 7.22%  |
| NEOS Enhanced Income 20+ Year Treasury Bond ETF | 1.41%  |
| NEOS Enhanced Income Aggregate Bond ETF | 8.44%  |
| NEOS Enhanced Income Credit Select ETF | 0.00%  |
| NEOS Nasdaq-100<sup>®</sup> Hedged Equity Income ETF | 0.00%  |
| NEOS Nasdaq-100<sup>®</sup> High Income ETF | 30.45%  |
| NEOS Real Estate High Income ETF | 73.49%  |
| NEOS Russell 2000<sup>®</sup> High Income ETF | 69.87%  |
| NEOS S&P 500<sup>®</sup> Hedged Equity Income ETF | 0.00%  |
| NEOS S&P 500<sup>®</sup> High Income ETF | 0.00% |

---

**FREQUENCY DISTRIBUTION OF PREMIUMS AND DISCOUNTS** 

Information regarding how often shares of the Funds traded on the Exchanges at a price above (i.e., at a premium) or below (i.e., at a discount) the NAV of the Funds are available on the Funds' website at www.neosfunds.com.

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**OTHER NON-AUDITED INFORMATION** 

**November 30, 2025 (Unaudited)(Continued)** 

**DISCLOSURE OF PORTFOLIO HOLDINGS** 

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

**PROXY VOTING POLICIES AND PROCEDURES** 

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

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**CHANGES IN AND DISAGREEMENTS WITH ACCOUNTANTS FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)** 

An open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the information concerning changes in and disagreements with accountants and on accounting and financial disclosure required by Item 304 of Regulation S-K [17 CFR 229.304].

**Response: None for the period contained within this report.** 

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**PROXY DISCLOSURES FOR OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)** 

If any matter was submitted during the period covered by the report to a vote of shareholders of an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A], through the solicitation of proxies or otherwise, the company must furnish the following information:

&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:** 

FIS Christian Stock Fund held a special meeting of shareholders on December 29, 2025 (which occurred after the end date of this reporting period) where PRAY's shareholders approved the reorganization of PRAY into FIS Trust, as approved by PRAY's Board of Trustees. The PRAY reorganization closed on December 31, 2025.

On December 29, 2025 (which occurred after the end date of this reporting period), FIS Bright Portfolios Focused Equity ETF held a special meeting of shareholders (the "Special Meeting"). At the Special Meeting, the shareholders of the FIS Bright Portfolios Focused Equity ETF were asked to approve an Agreement and Plan of Reorganization pursuant to which Bright Portfolios Focused Equity ETF will be reorganized into a new shell series of FIS Trust, as approved by the Board of Trustees of NEOS ETF Trust. The Special Meeting for Bright Portfolios Focused Equity ETF was adjourned to January 21, 2026 so that Bright Portfolios Focused Equity ETF may solicit additional votes of shares necessary to approve the reorganization.

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**REMUNERATION PAID TO DIRECTORS, OFFICERS, AND OTHERS OF OPEN-END MANAGEMENT INVESTMENT COMPANIES (Unaudited)** 

Unless the following information is disclosed as part of the financial statements included in Item 7, an open-end management investment company registered on Form N-1A [17 CFR 239.15A and 17 CFR 274.11A] must disclose the aggregate remuneration paid by the company during the period covered by the report to:

&nbsp;&nbsp;&nbsp;&nbsp;(1) All directors and all members of any advisory
 board for regular compensation;

&nbsp;&nbsp;&nbsp;&nbsp;(2) Each director and each member of an advisory board
 for special compensation;

&nbsp;&nbsp;&nbsp;&nbsp;(3) All officers; and

&nbsp;&nbsp;&nbsp;&nbsp;(4) Each person of whom any officer or director of
 the Fund is an affiliated person

**Response: Each current Independent Trustee is paid an annual retainer of $19,000 for his or her services as a Board member to the Trust, together with out-of-pocket expenses in accordance with the Board's policy on travel and other business expenses relating to attendance at meetings.** 

Independent Trustee fees are paid by the adviser to each series of the Trust through the applicable adviser's unitary management fee, and not by the Fund. Annual Trustee fees may be reviewed periodically and changed by the Board.

The Trust does not have a bonus, profit sharing, pension or retirement plan.

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Unaudited)

If the board of directors approved any investment advisory contract during the Fund's most recent fiscal half-year, discuss in reasonable detail the material factors and the conclusions with respect thereto that formed the basis for the board's approval. Include the following in the discussion:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(1) Factors relating to both the board's selection of the investment adviser and approval of the advisory fee and any other amounts to be paid by the Fund under the contract. These factors would include, but not be limited to, a discussion of the nature, extent, and quality of the services to be provided by the investment adviser; the investment performance of the Fund and the investment adviser; the costs of the services to be provided and profits to be realized by the investment adviser and its affiliates from the relationship with the Fund; the extent to which economies of scale would be realized as the Fund grows; and whether fee levels reflect these economies of scale for the benefit of Fund investors. Also indicate in the discussion whether the board relied upon comparisons of the services to be rendered and the amounts to be paid under the contract with those under other investment advisory contracts, such as contracts of the same 14 and other investment advisers with other registered investment companies or other types of clients (e.g., pension funds and other institutional investors). If the board relied upon such comparisons, describe the comparisons and how they assisted the board in concluding that the contract should be approved; and

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(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:** 

March 11, 2025 NEOS ETF Trust Board of Trustees Meeting

On March 11, 2025, under Section 15(c) of the Investment Company Act of 1940 (the "1940 Act"), the Trust's Board of Trustees (the "Board"), 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 and NEOS Long/Short ETF (the "Long/Short ETF"), and NEOS Gold High Income ETF (the "Gold ETF") (collectively, the "New Funds") each a new series of the Trust. The Independent Trustees requested, and NEOS Investment Management, LLC ("NEOS") provided, such information as the Independent Trustees deemed reasonably necessary to evaluate the Advisory Agreement. The Board including the Independent Trustees of the Board, reviewed: (i) the nature and quality of the advisory services to be provided by NEOS, including the experience and qualifications of the personnel providing such services; (ii) the performance history of the New Funds, noting that the New Funds had not yet launched; (iii) the proposed fees and expenses of the New Funds; (iv) the anticipated profitability of the New Funds to NEOS; (v) potential economies of scale; (vi) possible fall-out benefits to NEOS and its affiliates (i.e., the ancillary benefits realized by NEOS and its affiliates from NEOS's relationship with the New Funds); and (vii) possible conflicts of interest. In considering the approval of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

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

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

The Board reviewed and discussed the materials provided by NEOS related to the proposed approval of the Advisory Agreements. The Board discussed the NEOS personnel that would be involved with the New Funds and acknowledged that they each had extensive experience in the industry. The Board recognized that it was very familiar with the quality of service provided by NEOS and ability to effectively advise the New Funds. The Board noted the extensive responsibilities that NEOS will have as investment adviser to each New Fund, including ensuring compliance with each New Funds' investment strategy and restrictions, buying and selling of securities and other transactions, reviewing its performance, oversight of the daily valuation of each New Fund's portfolio holdings including its role as Valuation Designee for the New Funds; voting the proxies received by each New Fund; and oversight of general compliance with federal and state laws.

The Board discussed NEOS's research capabilities and its ability to support each New Fund. The Board considered NEOS's management capabilities noting that NEOS will provide oversight of day-to-day Fund operations, including

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**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Unaudited)(Continued)

fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements. The Board discussed NEOS's compliance infrastructure in place and noted that it believed had the capability to ensure each New Fund complied with fund and Trust mandates.

The Board noted that NEOS reported it had no pending lawsuits or regulatory actions. After further discussion, the Board concluded that NEOS had sufficient quality and depth of personnel, resources, investment methods and compliance policies and procedures to perform its duties under the Advisory Agreement and that the nature, overall quality and extent of the management services to be provided by NEOS to the New Funds would be satisfactory.

<u>Performance</u>.

The Board acknowledged that because the none of the New Funds had commenced operations yet, the Board was not able to review performance figures for the New Funds. The Board discussed the performance of the other series in the Trust advised by NEOS and concluded that NEOS had the potential to deliver strong returns for each of the New Funds future shareholders.

<u>Fees and Expenses</u>.

Long/Short ETF: The Board noted that NEOS proposed an advisory fee of 0.98%, which was also a unitary fee. The Board observed that the advisory fee was below the peer group average and near the bottom of the range and the net expense ratio was far below the low end of the peer group range. The Board recognized that the given the long/short nature of the New Fund, the fees would be end up being higher than the proposed amount given the additional costs related to the short strategy and the 1940 Act requirement that the New Fund disclose the expenses related to holding short positions. After further discussion, the Board concluded the proposed advisory fee was not unreasonable.

Gold ETF: The Board observed that the NEOS proposed a 0.78% advisory fee and that the proposed fee was a unitary fee. The Board noted that the proposed fee was above the average for the peer group but recognized that the NEOS explained there were very few funds with similar strategies to the Gold ETF and therefore the peer group was not a true representative sample. The Board noted that NEOS believed given the unique strategy and the expertise required to operate the strategy, the proposed fee was reasonable. After further discussion and given the complexities of the Gold ETF's investment strategy the Board determined the proposed advisory fee was not unreasonable.

<u>Economies of Scale</u>. The Board discussed NEOS's asset projections for each New Fund. The Board observed that NEOS believed economies of scale were unlikely to be realized for any of the New Funds within the near future. The Board noted NEOS's statement regarding the challenges involved with attempting to forecast future growth and fee levels and agreed that it would continue to monitor the New Funds' asset levels and readdress the issue in the future.

<u>Profitability</u>. The Board considered the level of profits that could be expected to accrue to NEOS with respect to each New Fund based on profitability projections and analysis prepared by NEOS and the selected financial information of NEOS provided by NEOS to the Board. The Board observed that NEOS projected to earn a reasonable profit in year 2 for Long/Short ETF but did not expect to earn profit from advising Gold ETF in either of the first two years. The Board concluded excessive profitability was not concern at this time.

<u>Conclusion</u>. Having requested and received such information from NEOS as the Board believed to be reasonably necessary to evaluate the terms of the Advisory Agreements, and as assisted by the advice of counsel, the Board concluded that approval of the Advisory Agreement for each of the New Funds was in the best interest of each New Fund and their future shareholders.

June 3, 2025 NEOS ETF Trust Board of Trustees Meeting

On June 3, 2025, the Board including the Independent Trustees of the Board, reviewed: (i) the nature and quality of the advisory services provided by NEOS Investment Management, LLC ("NEOS"), including the experience and qualifications of the personnel providing such services; (ii) the performance history of SPYI, CSHI, and BNDI (collectively, the "Renewing ETFs"); (iii) the fees and expenses of each Renewing ETF; (iv) the profitability of each Renewing ETF to NEOS; (v) economies of scale; (vi) fall-out benefits to NEOS and its affiliates, if any (i.e., the ancillary benefits realized by NEOS and its affiliates from NEOS's relationship with the Renewing ETFs); and (vii) possible conflicts of interest. In considering the renewal of the Management Agreement for the Renewing ETFs, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

119<br>

------

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

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Unaudited)(Continued)

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

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

The Board reviewed the background information of NEOS' key investment professionals servicing the Renewing ETFs, noting their satisfaction with the individuals' educations and wide range of industry experience from serving in high level asset management positions. The Board observed that NEOS utilized a rules-based systematic process to make investment decisions and implement the options strategy for each Renewing ETF. The Board observed that NEOS monitored bid/ask spreads, share price, NAV per share and volume during market hours, and reviewed the quality of creation and redemption units. The Board noted that NEOS monitored portfolios on a real time basis to ensure compliance with each Renewing ETF's investment limitations. The Board also acknowledged other responsibilities that NEOS has as the investment adviser to the Renewing ETFs, including its role as Valuation Designee and Derivatives Risk Manager for each Renewing ETF. The Board also considered NEOS oversight of day-to-day operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements. The Board acknowledged that NEOS had reported no material compliance issues since the advisory agreement was approved. The Board concluded that it could expect NEOS to continue providing quality service to the Renewing ETFs and their respective shareholders.

<u>Performance</u>.

SPYI—The Board commented that SPYI had outperformed its peer group and Morningstar category over the 1-year and since inception periods but underperformed its primary benchmark over the same periods. The Board noted NEOS's explanation that SPYI's short SPX index call options limited its upside participation over the past year, causing SPYI to underperform relative to its benchmark over the period. The Board also acknowledged NEOS' assertion that SPYI was performing in line with expectations given the current market environment, and that the options strategy was generating income to distribute as monthly dividends to shareholders. The Board concluded NEOS provided reasonable returns to SPYI and its shareholders.

CSHI—The Board observed that CSHI underperformed its peer group and Morningstar category over the 1-year period but outperformed its Morningstar category over the same period. The Board noted that CSHI outperformed its peer group, Morningstar category, and benchmark over the since inception period. The Board discussed NEOS explanation that CSHI outperformed its benchmark due to the returns generated by the options strategy in excess of the returns from Treasury bills. The Board also discussed NEOS' explanation for underperformance over the one-year period. The Board concluded NEOS provided reasonable returns to CSHI and its shareholders.

BNDI—The Board observed that BNDI outperformed its Morningstar category over the 1-year period and underperformed its benchmark and peer group over the same period. The Board also observed that BNDI outperformed its benchmark over the since inception period but underperformed its peer group and Morningstar category over the same period. The Board discussed NEOS' explanations for relative underperformance over various periods. The Board concluded NEOS provided reasonable returns to BNDI and its shareholders.

<u>Fees and Expenses</u>.

The Board discussed that under the unitary fee arrangement, NEOS pays all expenses of the Renewing ETFs except for the management fee and certain other expenses such as interest, brokerage, acquired fund fees and expenses, and extraordinary expenses. Accordingly, the Board agreed that a comparison of each Renewing ETF's unitary management fee to the total expense ratios of the funds in their respective peer group and Morningstar category was appropriate.

SPYI—The Board observed that the advisory fee and net expense ratio for SPYI were higher than its peer group medians and averages but below the averages and medians of its Morningstar category. The Board considered NEOS' explanation for its fees which included that its proprietary model to manage options had been developed through extensive research, which commanded a premium, and that most of the funds in its peer group were part of extremely large organizations with much greater economies of scale. The Board also discussed NEOS' statement that many other direct competitors of SPYI that were not included in the peer group had higher expenses than SPYI. The Board concluded that the advisory fee for SPYI was not unreasonable.

120<br>

------

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

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Unaudited)(Continued)

CSHI— The Board observed that the advisory fee and net expense ratio for CSHI were higher than its peer group and its Morningstar category medians and averages, but well below the fund in the peer group with the single highest advisory fee and net expenses.. The Board discussed NEOS' positions that the utilization of its proprietary model to generate tax advantaged income coupled with the fact that many of the funds in its peer group were part of extremely large organizations with much greater economies of scale, justified the higher fee. The Board also considered NEOS' view that CSHI's investment strategy was more complex than many of the funds in its Morningstar category. The Board concluded that the advisory fee for CSHI was not unreasonable.

BNDI**—** The Board observed that the advisory fee and net expense ratio for BNDI were higher than its peer group and its Morningstar category medians and averages, but well below the fund in the peer group with the single highest advisory fee and net expenses. The Board discussed that NEOS believed its fee was appropriate due to the complexity of BNDI's options strategy and the fact that many funds in its peer group were part of extremely large organizations with much greater economies of scale. The Board also discussed NEOS' view that it was difficult to construct an appropriate peer group or fit in a Morningstar category due to the unique nature of the BNDI's strategy and the few competitor funds. The Board also considered the impact of the expense limitation agreement on the advisory fee actually paid. The Board concluded that the advisory fee for BNDI was not unreasonable.

<u>Economies of Scale</u>. The Board discussed the size of the Renewing ETFs and their prospects for growth and concluded that that none had achieved meaningful economies that would necessitate the establishment of breakpoints. The Board noted NEOS was willing to discuss the implementation of breakpoints if NEOS were to achieve material economies of scale related to the Renewing ETFs' operations. The Board agreed to monitor and revisit this issue at a later time.

<u>Profitability</u>. The Board reviewed NEOS' profitability analysis in connection with its advisory services provided to each of the Renewing ETFs and noted that NEOS was managing BNDI at a loss but had earned a profit in connection with managing SPYI and CSHI. The Board considered factors cited by NEOS to support the level of profits for SPYI and CSHI, including, without limitation, what might reasonably be believed to be a fair entrepreneurial profit, the resources required in light of the sophistication of the strategies, as well as the business, operational, and regulatory risks involved in managing SPYI and CSHI. The Board also discussed NEOS' method of allocating certain expenses and the range of estimated profits when using the various methods of allocating expenses that were common practice in the industry, acknowledging the difficulty of fully capturing the entirety of NEOS' expenses with a respect to a Renewing ETF in isolation. The Board concluded that NEOS's profitability for each of CSHI and SPYI was not excessive.

<u>Conclusion</u>. Having requested and received such information from NEOS as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreements, the Board concluded that renewal of the investment advisory agreements was in the best interests of each Renewing ETF and its respective shareholders.

September 9, 2025 NEOS ETF Trust Board of Trustees Meeting

On September 9, 2025, the Board including the Independent Trustees of the Board, reviewed: (i) the nature and quality of the advisory services to be provided by NEOS Investment Management, LLC ("NEOS"), including the experience and qualifications of the personnel providing such services; (ii) the performance of the NEOS Ethereum High Income ETF ("Ethereum ETF"), NEOS MSCI EAFE High Income ETF (*formerly, NEOS International High Income ETF*) ("International ETF"), and NEOS MLP & Energy Infrastructure High Income ETF ("MLP ETF") (each, a "New ETF" and collectively, the "New ETFs"), noting that the New ETFs had not yet launched; (iii) the proposed fees and expenses of the New ETFs; (iv) the anticipated profitability of the New ETFs to NEOS; (v) potential economies of scale; (vi) possible fall-out benefits to NEOS and its affiliates (i.e., the ancillary benefits realized by NEOS and its affiliates from NEOS's relationship with the New ETFs); and (vii) possible conflicts of interest. In considering the approval of the Advisory Agreement, the Board reviewed and analyzed various factors that they determined were relevant, including the factors enumerated below.

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

121<br>

------

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

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Unaudited)(Continued)

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

The Board reviewed materials provided by NEOS related to the proposed approval of the Advisory Agreement. The Board reviewed the background information of NEOS' key investment professionals who would be servicing the New ETFs, noting their satisfaction with the individuals' educations and wide range of industry experience from serving in high level asset management positions. The Board also noted the extensive responsibilities that NEOS will have as investment adviser to the New ETFs, including: its adherence to each New ETF's investment strategy and limitations, voting the proxies the securities held by the New ETFs, oversight of, and its role in the creation of custom or redemption baskets for authorized participants, the daily valuation of each New ETF's portfolio holdings including its role as Valuation Designee for the New ETFs; general compliance with federal and state laws; and implementation of Board directives as they relate to the New ETFs. The Board observed that NEOS would utilize a rules-based systematic process to make investment decisions and implement the options strategy for each New ETF. The Board also considered that NEOS would oversee day-to-day operations, including fund accounting, tax matters, administration, compliance and legal assistance in meeting disclosure and regulatory requirements. The Board determined that NEOS could be expected to provide high quality service to the New ETFs and their respective shareholders.

<u>Performance</u>.

Because the New ETFs had not yet commenced operations, the Board was not able to review the New ETFs' past performance. The Board considered the performance of the other series in the Trust advised by NEOS and concluded that NEOS had the potential to deliver strong returns for shareholders.

<u>Fees and Expenses</u>.

Ethereum ETF: The Board noted that NEOS proposed an advisory fee of 0.98%, which was also a unitary fee. The Board observed that the advisory fee was above the peer group average, but the net expense ratio was far below the peer group average. The Board agreed that comparing Ethereum ETF's advisory fee to the total expense ratios of the funds in its peer group was appropriate considering that NEOS would pay substantially all of the expenses of the Ethereum ETF under the unitary fee arrangement. The Board recognized that the proposed advisory fee was in the middle of the advisory fees for the other Ether-related ETF covered call strategies. The Board acknowledged that NEOS attributed the proposed advisory fee to the actively managed nature of the Ethereum ETF's options strategy. The Board further observed that the proposed fee was within the range of the other ETFs in the Trust advised by NEOS. After further discussion, the Board concluded the proposed advisory fee was not unreasonable.

International ETF: The Board observed that NEOS proposed a 0.68% advisory fee and that the proposed fee was a unitary fee. The Board noted that the proposed fee was above the average of the peer group but recognized that the NEOS explained there were very few funds that invest in international equities with an options overlay similar to that of the International ETF and therefore, the peer group contained many index funds and funds that otherwise only invest in international equities. The Bord also considered NEOS' position that many of the funds in its peer group were part of extremely large organizations with much greater economies of scale. The Board acknowledged that the proposed fee was within the range of peer funds provided by NEOS and the other ETFs in the Trust advised by NEOS. After further discussion, the Board determined the proposed advisory fee was not unreasonable.

MLP ETF: The Board reviewed the proposed advisory fee of 0.68%, which is a unitary fee, and overall expenses compared to peer funds. Specifically, the Board compared the proposed fee to the fees charged by a group of peer funds assembled by NEOS that invest in MLPs and energy infrastructure companies, noting that only one peer invests in the preceding with a covered call strategy. The Board recalled NEOS' assertion that the expertise and resources required to effectively implement the options overlay and maintain compliance with portfolio restrictions and applicable tax law justified the fee. The Board further observed that the proposed fee was within the range of peer funds provided by NEOS and the other ETFs in the Trust advised by NEOS. Given these considerations, the Board concluded that NEOS's proposed advisory fee was not unreasonable.

<u>Economies of Scale</u>. The Board discussed NEOS's asset projections for each New ETF and acknowledged NEOS' position that economies of scale were unlikely to be realized for any of the New ETFs within the near future. The Board noted NEOS' statement regarding the challenges involved with attempting to forecast future growth and fee levels and agreed that it would continue to monitor the New ETFs' asset levels and revisit this issue at the appropriate time.

122<br>

------

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

**STATEMENT REGARDING BASIS FOR APPROVAL OF INVESTMENT ADVISORY CONTRACT** 

(Unaudited)(Continued)

<u>Profitability</u>. The Board considered the level of profits that could be expected to accrue to NEOS with respect to each New ETF based on profitability projections and analysis prepared by NEOS and the selected financial information of NEOS provided by NEOS to the Board. The Board observed that NEOS did not expect to earn profit from advising International ETF and MLP ETF in the first year and expected a negligible profit in connection with managing the Ethereum ETF in the first year. The Board observed that NEOS expected to earn a reasonable profit, in terms of actual dollars and percentage, in the second year of each New ETF. After further discussion, the Board concluded the anticipated profits from NEOS' relationship with each New ETF would not be excessive.

<u>Conclusion</u>. Having requested and received such information from NEOS as the Board believed to be reasonably necessary to evaluate the terms of the advisory agreement, and as assisted by the advice of counsel, the Board concluded that approval of the advisory agreement was in the best interest of each New ETF and its future shareholders.

123<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>**

(a) (1) Any code of ethics or amendment thereto, that is the subject of the disclosure required by Item 2, to the extent that the registrant intends to satisfy Item 2 requirements through filing an exhibit. **Not Applicable for Semi-Annual Reports.**

(2) Any policy required by the listing standards adopted pursuant to Rule 10D-1 under the Exchange Act (17 CFR 240.10D-1) by the registered national securities exchange or registered national securities association upon which the registrant's securities are listed. **Not Applicable.**

[(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.**](niml-efp21989_ex99cert.htm)

(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.**

(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.**

[(b) Certifications pursuant to Section 906 of the Sarbanes-Oxley Act of 2002. **Furnished herewith.**](niml-efp21989_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.

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NEOS ETF Trust</u> | &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<u>NEOS ETF Trust</u> |
| By: | /s/ Garrett Paolella |
|  | Garrett Paolella |
|  | President/Principal Executive Officer |
| Date: | February 5, 2026 |

---

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.

---

| | |
|:---|:---|
| By: | /s/ Garrett Paolella |
|  | Garrett Paolella |
|  | President/Principal Executive Officer |
| Date: | February 5, 2026 |
| By: | /s/ Josh Hunter |
|  | Josh Hunter |
|  | Treasurer/Principal Financial Officer |
| Date: | February 5, 2026 |

---

## Ex-99.Cert

**EX.99.CERT**

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

**<u>1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:</u>**

I, Garrett Paolella, certify that:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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: | February 5, 2026 | /s/ Garrett Paolella |
|  |  | Garrett Paolella<br> President/Principal Executive Officer |

---

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

**<u>1940 AND SECTION 302 OF THE SARBANES OXLEY ACT OF 2002:</u>**

I, Josh Hunter, certify that:

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

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

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

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

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

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&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;&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: | February 5, 2026 | /s/ Josh Hunter |
|  |  | Josh Hunter<br> Treasurer/Principal Financial Officer |

---

## Exhibit 99.906

**EX.99.906CERT**

**<u>Certification Pursuant to Section 906 of the Sarbanes-Oxley Act of 2002 (subsections (a) and (b) of</u>**

**<u>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 November 30, 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.

---

| | | | |
|:---|:---|:---|:---|
| /s/ Garrett Paolella | /s/ Garrett Paolella | /s/ Josh Hunter | /s/ Josh Hunter |
| Garrett Paolella<br> President/Principal Executive Officer, | Garrett Paolella<br> President/Principal Executive Officer, | Josh Hunter<br> Treasurer/Principal Financial Officer, | Josh Hunter<br> Treasurer/Principal Financial Officer, |
| Dated: | February 5, 2026 | Dated: | February 5, 2026 |

---

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.