BATS · Active · options-income

NEOS S&P 500 High Income ETF

NEOS Investment Management, LLC

Weighted score · 4.40 / 5

AUM

assets under mgmt

Avg Volume

shares · daily

Distribution

Monthly · 93% ROC

Expense Ratio

0.68% gross

1Y Return

vs underlying

Sharpe

Max DD -16.5%

The NEOS S&P 500® High Income ETF seeks to generate high monthly income in a tax efficient manner with the potential for equity appreciation in rising markets..

The Fund is an actively-managed ETF that invests in a portfolio of stocks comprising the S&P 500® Index combined with a call options strategy consisting of written (sold) and long (bought) SPX call options. The options strategy seeks to generate a net-credit by collecting more premium from sold calls than is spent on out-of-the-money purchased calls, providing high monthly income while retaining some upside participation. The Fund generally uses full replication of the S&P 500® and may employ tax loss harvesting on equity and options positions to improve after-tax returns. SPX options qualify as Section 1256 Contracts, affording 60/40 long-term/short-term capital gains treatment.

The Fund writes call options on up to 100% of the value of its equity holdings and uses a portion of the premium received to purchase out-of-the-money SPX call options, seeking a net-credit overall. SPX options are European-style, cash-settled, and qualify as Section 1256 Contracts for favorable 60/40 long-term/short-term tax treatment. The adviser may actively manage options positions prior to expiration using a proprietary rules-based systematic model.

NAV HISTORY · JUL '25 – JUL '26

Max DD

Volatility

Sharpe

Sortino

Calmar

Beta

Share of each distribution you’d need to reinvest just to hold NAV flat. 0% — the fund is covering its payout without eroding NAV.

Composition · Recent Distribution

Tax Treatment — Section 1256 (60/40)

SECTION 1256 (60/40)

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 $0.5310 per share is composed of 93% return of capital ($0.4945) and 7% net investment income ($0.0365), with no capital gains component. On a fiscal year-to-date basis, 95% of cumulative distributions ($3.0103 of $3.1542) have been classified as return of capital. These figures are estimates on a book basis and are not final for tax reporting purposes.

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

Bullish — 50-DMA above 200-DMA

Price $53.45 is above the 200-day SMA ($49.86); 50-day SMA $52.45. 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

Estimated bid/ask spread ~0.19% (moderate). Average daily dollar volume ~$153.8M (very 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 ($)