IYRI — NEOS Real Estate High Income ETF

The Fund is an actively-managed exchange-traded fund (“ETF”) that seeks to achieve its investment objective by (i) investing,under normal circumstances, at least 80% of its net assets, plus borrowings for investment purposes, in securities of real estate companies, which the Fund defines as those companies included in the Dow Jones U.S. Real Estate Capped Index (the “Index”); and (ii) utilizing a call options strategy to provide high monthly income, which primarily consists of writing (selling) call options on one or more ETFs that seek to track the Index (“RE call options”).

The Fund seeks equity appreciation through its investments in real estate companies and seeks to generate high monthly income from the premiums earned from writing the REcall options as well as the dividends received from the Fund’s equity holdings. The Index is designed to track the performance of U.S. real estate investment trusts (“REITs”) and may also contain U.S.companies that invest directly or indirectly in real estate through development, management, or ownership, including property agencies, with a cap applied to ensure diversification among companies within the Index.

Property agencies are companies that provide services to real estate companies but do not own the properties themselves. Examples of the REIT sub-sectors included in the Index are data center, industrial, retail, health care, multi-family residential, real estate services, self-storage andtelecom tower REITs. Capped indexes such as the Index are designed to limit the influence of any single stock within the index.In this case, the Index rules provide that no single stock may account for more than 10% of the Index.

The Index is rebalanced for a number of reasons including to bring positions in one or more constituents back below the 10% limit. The Reference Indexrebalances annually in September with quarterly reviews in December, March, and June. The Index generally consists of from 60to 70 constituents. As of March 30, 2026, a significant portion of the Index was represented by companies in the REIT industry or sector. The Fund primarily executes the options strategy by writing (selling) covered RE call options on the Index and/or more ETFs that seeks to track the Index (the “Index ETFs”).

The RE call options are covered because at the time the Fund sells the option,the Fund owns a portfolio of real estate securities that make up the Index. The Fund’s writing (selling) of RE call options will limit the Fund’s ability to participate in increases in value of the Index beyond a certain point. If the value of the Index increases, the Fund’s exposure to the Index would allow the Fund to experience similar percentage gains.

However,if the value of the Index appreciates beyond the strike price of one or more of the RE 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’s exposure to the Index. As a result, the Fund’s overall strategy (i.e., the combination of the long exposure to real estate companies that make up the Index and the written RE call options) will limit the Fund’s participation in gains of Index beyond a certain point.

This strategy effectively converts a portion of the potential upside of the Index into current income. The call options written (sold) may either be traditional exchange-traded options and/or FLexible EXchange (“FLEX”) options.Exchange-listed options contracts are guaranteed for settlement by the Options Clearing Corporation (“OCC”). FLEX Options are a type of exchange-listed options contract with uniquely customizable terms that allow investors to customize keyterms like type, strike price and expiration date that are standardized in a typical options contract.

FLEX Options are also guaranteed for settlement by the OCC. It is anticipated that the Fund will invest primarily in FLEX Options. Asan alternative to the covered call writing strategy, the Adviser may under certain circumstances enter a call spread strategy where it purchases long (bought) RE call options in addition to the written (sold) RE 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 RE call options.

The goal of the RE options strategy is to generate high monthly income. The strategy also offers the potential for upside participation when the Index appreciates. 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 Index. Under normal circumstances, at least 80% of the Fund’s net assets, plus borrowings for investment purposes, will be invested insecurities of real estate companies. The Fund defines real estate companies as those included in the Index.

The Fund may obtain its exposure to real estate companies by directly investing in the securities of real estate companies and/or derivative slinked to real estate companies. For purposes of the 80% policy, the value of such derivative instruments shall be valued at their notional value. The Fund is considered to be non-diversified. Because the Fund typically holds securities in proportion to their weight in the Index,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 Index.

The Fund intends to be diversified in approximately the same proportion as the Index is diversified. As a “non-diversified” fund, the Fund can 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 were to cross from diversified to non-diversified status due solely to a change in the relative market capitalization or index weighting of one or more constituents of the Index.

As of the date of this Prospectus, the Index is non-diversified,and therefore as of that same date, the Fund is managed as non-diversified solely in accordance with the Index. Additionally,the Fund’s investment strategies may involve active and frequent trading resulting in high portfolio turnover.