BATS · Active · options-income

NEOS Bitcoin High Income ETF

NEOS ETF Trust (adviser: NEOS)

Weighted score · 2.45 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Monthly · 94% ROC

Expense Ratio

0.99% gross

1Y Return

vs underlying

Sharpe

Max DD -47.2%

The NEOS Bitcoin High Income ETF (the "Fund") seeks to generate high monthly income with the potential for appreciation based on exposure to exchange-traded products ("ETP") that have direct exposure to Bitcoin..

The Fund is an actively managed ETF that invests in spot Bitcoin ETPs (primarily through a Cayman Islands subsidiary) and employs a synthetic covered call options strategy on Bitcoin-related instruments. It gains long Bitcoin exposure synthetically by buying call options and selling put options at the same strike price, while simultaneously writing (selling) call options on Bitcoin-related instruments to generate high monthly income. The Fund also holds U.S. Treasury securities as collateral and may use a bear call spread strategy when the adviser anticipates limited Bitcoin upside. At least 80% of net assets are invested in Spot Bitcoin ETPs and/or options on Bitcoin-related instruments.

The Fund writes (sells) call options on Bitcoin-related instruments with approximately one-month expirations to generate monthly income, converting a portion of Bitcoin's potential upside into current income. It also purchases call options and sells put options at the same strike to create synthetic long Bitcoin exposure. FLEX Options listed and cleared on regulated U.S. exchanges are the primary instrument used.

NAV HISTORY · JUN '25 – JUN '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

Share of each distribution you’d need to reinvest just to hold NAV flat. Higher means more of the yield is your own capital coming back.

Composition · Recent Distribution

Tax Treatment — Ordinary Income

ORDINARY INCOME

Distribution Composition (Recent)

ROC is not free money — it lowers your cost basis. When shares are sold, capital gains are computed against the lower basis.

Composition · Narrative

The June 2026 distribution of $0.6525 per share is composed almost entirely of Return of Capital (94%, $0.6122) with a small Net Investment Income portion (6%, $0.0403). On a fiscal year-to-date basis, 93% of cumulative distributions ($4.5119 of $4.8280) are estimated to be Return of Capital.

Return of capital ($/sh)

Net investment income ($/sh)

Monthly ROC %

Calendar-year ROC (YTD est.)

Distribution Growth by Lookback Period

Sector Mix · Tilt vs S&P 500

Price vs. Moving Averages

Bearish — 50-DMA below 200-DMA

Price $28.67 is below the 200-day SMA ($38.00); 50-day SMA $33.05. The 50-day SMA sits below the 200-day — an established downtrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.

Liquidity

Estimated bid/ask spread ~0.24% (moderate). Average daily dollar volume ~$28.8M (liquid). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.

AUM ($)