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Start your 7-day free trial BATS · Active · options-income
IYRI
NEOS Real Estate High Income ETF
NEOS Investment Management, LLC
Verdict
WATCH
Weighted score · 3.90 / 5
Fund Identity
What it is, who runs it, where it lives.
The NEOS Real Estate High Income ETF (the "Fund") seeks to generate high monthly income with the potential for equity appreciation..
The Fund is an actively-managed ETF that invests at least 80% of its net assets in securities of real estate companies included in the Dow Jones U.S. Real Estate Capped Index. It overlays a covered call options strategy, primarily writing (selling) call options on ETFs that track the Index, to generate high monthly income from option premiums and dividends. The Adviser may also enter call spread strategies by purchasing long out-of-the-money calls in addition to written calls to generate net-credit income while retaining some upside participation. The options are primarily FLEX Options, guaranteed for settlement by the OCC.
Ticker
IYRI
Issuer
NEOS Investment Management, LLC
Exchange
BATS
Inception
2025-01-15 · 1.4 yrs
Mgmt style
Active
Replication
Physical (full replication of index equity holdings) + Derivatives (covered call options / call spreads on Index ETFs)
Index-based
— · Dow Jones U.S. Real Estate Capped Index
Leverage
None
Strategy & Options Mechanics
How the portfolio is built and where the income comes from.
PORTFOLIO
Hybrid
actively managed
OPTIONS OVERLAY
Strategy
Covered Calls (writing/selling call options on Index ETFs); alternatively, call spread strategy (writing calls + purchasing long out-of-the-money calls for a net credit)
generates income
Underlying
ETFs that seek to track the Dow Jones U.S. Real Estate Capped Index (Index ETFs)
income exposure
MONTHLY
12.2%
DIST. RATE
59% ROC
Ordinary Income
Ordinary Income
Underlying
ETFs that seek to track the Dow Jones U.S. Real Estate Capped Index (Index ETFs)
Strategy
Covered Calls (writing/selling call options on Index ETFs); alternatively, call spread strategy (writing calls + purchasing long out-of-the-money calls for a net credit)
Tax
Ordinary Income
The Fund writes (sells) covered RE call options on up to 100% of the value of the equity securities held, generating income via option premiums. As an alternative, the Adviser may enter call spread strategies purchasing long out-of-the-money calls alongside the written calls to generate a net-credit and retain some upside. Options are primarily FLEX Options listed on exchange and guaranteed for settlement by the OCC.
Performance & NAV
Total return vs. the underlying, with drawdown context.
NAV HISTORY · JUN '25 – JUN '26
JUN '25JUN '26
Flat-NAV reinvestment hurdle
26.2%
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.
Distribution & Tax
Where the yield comes from — and how it’s taxed.
Composition · Recent Distribution
59%
ROC
Return of Capital — mixed59%
Net Investment Income41%
Frequency
Monthly
Dist. rate
12.23%
ROC %
59%
30-day SEC
not reported
Consistency
8 w/o cut
YOC · 1yr-ago buyer
11.7%
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 $0.4489 per share consists of 41% estimated net investment income ($0.1821) and 59% estimated return of capital ($0.2668). There are no capital gains components. On a fiscal year-to-date basis, 76% of cumulative distributions have been classified as return of capital.
Distribution & Return of Capital
Per-month payout split and the running return-of-capital share · last 18 months.
DIST ($/sh)ROC %
Return of capital ($/sh)
Net investment income ($/sh)
Monthly ROC %
Calendar-year ROC (YTD est.)
Distribution Growth & Schedule
Per-period growth of the payout, the latest schedule, and how long distributions take to repay NAV.
Distribution Growth by Lookback Period
Latest Distribution Schedule
Record date
2026-06-16
Ex-dividend
2026-06-16
Pay date
—
Payback Period
8.2 yr
Dist. Since Incep.
$8.4
Holdings & Concentration
Position sizing, top-name weights, and concentration risk.
Sector Mix · Tilt vs S&P 500
No sector feed for this fund.
Holdings
65
Top-10 Wt.
—
Technical Signal & Liquidity
Moving-average posture and a read on tradability.
Price vs. Moving Averages
$49.5$47.9$46.3$44.7
OCT '25JUN '26
Price $48.20
50-DMA $48.50
200-DMA $47.11
Bullish — 50-DMA above 200-DMA
Price $48.20 is above the 200-day SMA ($47.11); 50-day SMA $48.50. The 50-day SMA sits above the 200-day — an established uptrend, no recent crossover. Moving-average signals are a timing aid, not a recommendation — weigh them against the distribution profile and framework score.
Liquidity
Avg daily volume
82K
Avg dollar volume
$3,843,443
Bid/ask spread
0.16%
Premium/discount
-0.24%
Turnover
2%
Estimated bid/ask spread ~0.24% (moderate). Average daily dollar volume ~$3.8M (adequate). This spread is a high-low estimate, not a live quote; the issuer's reported median spread and premium/discount to NAV are shown above when available.
Assets Under Management
Trend: Falling. Source: shares×price (Massive, monthly).
AUM ($)
$240M
$282M$144M$6M
JAN '25JUN '26
SOURCES Massive market-data API, SEC EDGAR filings, issuer disclosures.
IYRI · 2026-06-21
Prepared by denvereyon
Research aid, not investment advice.
Prepared by denvereyon
Research aid, not investment advice.
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