NEOS S&P 500 Hedged Equity Income ETF

Key Statistics

Historical Performance

Total return including reinvested distributions, from adjusted closing prices.

Top Holdings

Top 25 holdings as of Mar 31, 2026 · source: SEC N-PORT. Full holdings & prospectus →

About SPYH

TheFund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective principallyby investing in a portfolio of the stocks included in the S&P 500® Index (the “S&P 500®” or the “ReferenceIndex”) and a put spread options collar (i.e., a mix of written (sold) call options, long (bought) put options, andwritten (sold) put options) on the S&P 500®. The Fund seeks to generate tax efficient monthly income from a combinationof the dividends received from the Fund’s equity holdings and the premiums earned from the put spread options collar. Theput spread options collar seeks to generate a net-credit by receiving premium from the sale of the call and put options that isgreater than the cost of buying the protective put options. The put spread options collar is designed to reduce the Fund’svolatility and provide a measure of downside protection, but upside gains will be limited. TheS&P 500® is a market capitalization weighted index comprised of the securities of approximately 500 leading U.S.-listedcompanies representing approximately 80% of the U.S. equity market capitalization. As of March 31, 2026, a significant portionof the Reference Index was represented by securities of companies in the information technology sector. The Fund will concentrateits investments (i.e., hold more than 25% of its total assets) in a particular industry or group of industries to approximatelythe same extent that the Reference Index concentrates in an industry or group of industries. TheFund, while not an index fund, will generally use a “replication” strategy to invest in the S&P 500®, meaningthe Fund will generally invest in all of the component securities of the S&P 500® in the same approximate proportionsas in the S&P 500®. However, the Fund may in limited circumstances use a “representative sampling” strategy,meaning it may invest in a sample of the securities in the S&P 500® whose risk, return, and other characteristics closelyresemble the risk, return, and other characteristics of the S&P 500® as a whole, when NEOS Investment Management, LLC,the Fund’s investment adviser (the “Adviser”) believes it is in the best interests of the Fund (e.g.,when replicating the S&P 500® involves practical difficulties or substantial costs, a S&P 500® constituent becomestemporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fundbut not to the S&P 500®). The Fund rebalances the equity positions of its investment portfolio to correspond to the extentreasonably possible each time the S&P 500® Index reconstitutes. The S&P 500® reconstitutes annually and oftenreconstitutes quarterly. In some cases, there are special reconstitutions of the S&P 500®. TheAdviser generally utilizes a proprietary, systematic rules-based model to manage the Fund’s options positions in an objectivemanner, which may signal the written call options should be closed prior to expiration to potentially capture gains and minimizelosses due to the movement of the S&P 500® (e.g., after an increase in the S&P 500®, the model may indicatethat the short call should be closed so the Fund can capture more upside potential in the reference asset, or the model may determinemost of the premium derived from the sale of the call has been captured due to a falling market). TheFund’s put spread options collar strategy typically consists of three components: (i) selling call options on the S&P500® or another reference asset representing U.S. equity securities on up to 100% of the value of the equity securities heldby the Fund to generate premium from such options, while (ii) simultaneously reinvesting a portion of such premium to buy putoptions on the same reference asset(s) to “hedge” or mitigate the downside risk associated with owning equity securitiesand (iii) selling put options on the S&P 500® to generate additional premium. Theoptions purchased or sold by the Fund will typically have an expiration date approximately 6 weeks from the time of purchase orsale. Options are rolled at the end of the month. The written calls and puts along with purchased puts for the new put spreadcollar are reset to current market levels. The Fund expects the total value of the call options and the total value of the putoptions to each be up to 100% of the Fund’s net assets. The Fund will use a portion of the premium received from writingcall and put options to purchase put options. Call options written by the Fund will typically have a strike price that is at,near, or higher than the current price of the reference asset, and put options purchased by the Fund will typically have a strikeprice that is lower (in some cases, significantly lower) than the current price of the reference asset. Put options written willtypically have a strike price that is lower than the long put option. In addition, both the call and put options will be tradedon a national securities exchange and be settled in cash. TheFund seeks tax efficient returns by utilizing index options that qualify as “Section 1256 Contracts.” If such optionsare held at year end, the Fund will receive favorable tax treatment on such investments. Under Internal Revenue Code rules, theywill be deemed as if they were sold at fair market value on the last business day of the tax year. If the Section 1256 contractsproduce capital gain or loss, such gain or loss on the Contracts open at the end of the year, or terminated during the year, willbe treated as 60% long term and 40% short term, instead of 100% short term gains. The Fund may seek to take advantage of tax lossharvesting opportunities by taking investment losses from certain equity and/or options positions. This can be accomplished bytaking investment losses from certain equity to offset realized and/or options positions to offset realized taxable gains of equitiesand/or options positions. TheFund is considered to be diversified. Because the Fund typically holds securities in proportion to their weight in the S&P500®, the Fund may be non-diversified or diversified at times, as defined under the Investment Company Act of 1940, as amended(the “1940 Act”), as a result of changes in the composition of the S&P 500®. The Fund intends to be diversifiedin approximately the same proportion as the S&P 500® is diversified. As a “non-diversified” fund, the Fundcould invest a greater percentage of its assets in a small group of issuers or in any one issuer than a diversified fund can.Shareholder approval will not be sought if the Fund crosses from diversified to non-diversified status due solely to a changein the relative market capitalization or index weighting of one or more constituents of the S&P 500®. As of the date ofthis Prospectus, the S&P 500® is diversified, and therefore as of that same date, the Fund is managed as diversified solelyin accordance with the S&P 500®. Additionally, the Fund’s investment strategies may involve active and frequenttrading resulting in high portfolio turnover. Undernormal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested insecurities, or derivative instruments linked to securities, of companies that are included in the Reference Index. For purposesof the 80% policy, the value of such derivative instruments shall be valued at their notional value.

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