IWMI — NEOS Russell 2000 High Income ETF

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by (i) investing in one or more ETFs that seeks to track the Russell 2000® Index ("Russell 2000 Underlying ETFs"),a portfolio of stocks that make up the Russell 2000® Index (the “Russell 2000” or the “Reference Index”), or a combination thereof; and (ii) utilizing a call options strategy to provide high monthly income, which primarily consists of writing (selling) call options on the Russell 2000® (“RUT call options”).

The Fundseeks equity appreciation through its investments in Russell 2000 Underlying ETFs" and/or a portfolio of stocks that makeup the Russell 2000® Index. The Fund seeks to generate high monthly income from the premiums earned from the RUT call options as well as the dividends received from the Fund’s equity holdings. The Fund primarily executes the options strategy by writing (selling) covered RUT call options. The RUT call options are covered because the Fund owns shares of the Russell 2000 Underlying ETFs and/or a portfolio of stocks that make up the Russell 2000® at the time it sells the option.

The Fund’s writing (selling) of RUT call options will limit the Fund’s ability to participate in increases in value of the Russell 2000® beyond a certain point. If the value of the Russell 2000® increases, the Fund’sexposure to the Russell 2000® would allow the Fund to experience similar percentage gains. However, if the value of the Russell2000® appreciates beyond the strike price of one or more of the RUT call option contracts that the Fund has sold to generate income, the Fund will lose money on those short call positions, and the losses will, in turn, limit the upside return of the Fund’sexposure to the Russell 2000®.

As a result, the Fund’s overall strategy (i.e., the combination of the long exposure to the Russell 2000® and the written RUT call options) will limit the Fund’s participation in gains of Russell 2000®beyond a certain point. This strategy effectively converts a portion of the potential upside of the Russell 2000® into current income. Asan alternative to the covered call writing strategy, the Adviser may under certain circumstances enter a call spread strategy where it purchases long (bought) RUT call options in addition to the written (sold) RUT call options.

The Adviser will seek to generate a net-credit in the call spread. The net credit is the difference between the premium received by the Fund from the sale of the call options and the cost of buying the long, out-of-the-money RUT call options. The goal of the RUT options strategy isto generate high monthly income in a tax efficient manner. The strategy also offers the potential for upside participation when the Reference Index appreciates.

The Fund seeks tax efficient returns by utilizing index options such as RUT call options that qualify as “Section 1256 Contracts.” If such options are held at year end, the Fund will receive favorable tax treatment on such investments. Under Internal Revenue Code rules, they will be deemed as if they were sold at fair market value on the last business day of the tax year. If the Section 1256 Contracts produce a capital gain or loss, such gain or loss on the 1256 Contracts open at the end of the year, or terminated during the year, are treated as 60% long term gains and 40% short term gains.

Such favorable tax treatment is regardless of how long the Contracts were held. The Fund may seek to take advantage of tax loss harvesting opportunities on its RUT call options and/or equity positions. This can be accomplished by taking investment losses from certain equity and/or options positions to offset realized taxable gains of equities and/or options. From time to time, the Adviser actively manages the written and purchased call options prior to their expiration in an attempt to capture gains and minimize losses due to the movement of the Russell 2000®.

Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested inequity securities, or derivative instruments linked to equity securities, of companies that are included in the Reference Index,primarily by purchasing one or more Russell 2000 Underlying ETFs. For purposes of the 80% policy, the value of such derivative instruments shall be valued at their notional value. The Russell 2000® Index is a market capitalization index comprised of securities of approximately 2,000 leading U.S.-listed companies.

The Russell 2000® Index measures the performance of the small-cap segment of the USequity universe. The Russell 2000® Index is a subset of the Russell 3000® Index, which is designed to represent approximately 98% of the investable US equity market. The Russell 2000® Index includes approximately 2,000 of the smallest securities based on a combination of their market cap and current index membership. As of March31, 2026, the Russell 2000® had significant exposure to companies in the financials, health care, and indus trials sectors.

The Russell 2000® is constructed to provide a comprehensive and unbiased small-cap barometer and is completely reconstituted annually to ensure larger stocks do not distort the performance and characteristics of the true small-capopportunity set. The Fund, while not an index fund, will generally use a “replication” strategy to invest in the Russell 2000®,meaning the Fund will most often invest in one or more Russell 2000 Underlying ETFs, all of the component securities of the Russell2000® in the same approximate proportions as in the Russell 2000®, or a combination thereof.However, the Fund may in limited circumstances use a “representative sampling” strategy, meaning it may invest ina sample of the securities in the Russell 2000® whose risk, return, and other characteristics closely resemble the risk, return, and other characteristics of the Russell 2000® 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 Russell 2000® Index involves practical difficulties or substantial costs, a Russell 2000constituent becomes temporarily illiquid, unavailable, or less liquid, or as a result of legal restrictions or limitations that apply to the Fund but not to the Russell 2000®).

The Fund is considered to be diversified. Because the Fund typically holds securities in proportion to their weight in the Russell2000®, the Fund may be non-diversified or diversified at times, as defined under the Investment Company Act of1940, as amended (the “1940 Act”), as a result of changes in the composition of the Russell 2000®.The Fund intends to be diversified in approximately the same proportion as the Russell 2000® is diversified. Asa “non-diversified” fund, the Fund could invest a greater percentage of its assets in a small group of issuers orin any one issuer than a diversified fund can.

Shareholder approval will not be sought if the Fund crosses from diversified ton on-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Russell 2000®. As of the date of this Prospectus, the Russell 2000® is diversified, and therefore as of that same date, the Fund is managed as diversified solely in accordance with the Russell 2000®. Additionally,the Fund’s investment strategies may involve active and frequent trading resulting in high portfolio turnover.