Strategy. At a meeting on August 8, 2025, the Boards of Trustees of the NEOS ETF Trust unanimously approved a Reorganization of the Fund into a newly created series (New Fund) of FIS Trust. Under the Agreement and Plan of Reorganization, the Fund will transfer its assets to the New Fund in exchange for shares of the New Fund, which will be distributed to shareholders of the Fund. The Reorganization is expected to close on or about November 15, 2025 (Closing Date). If you are a shareholder of the Fund immediately prior to the Closing Date, you will become a shareholder of the New Fund. The Fund is an actively managed exchange traded fund (ETF). Under normal circumstances, the Fund invests … Show more… At a meeting on August 8, 2025, the Boards of Trustees of the NEOS ETF Trust unanimously approved a Reorganization of the Fund into a newly created series (New Fund) of FIS Trust. Under the Agreement and Plan of Reorganization, the Fund will transfer its assets to the New Fund in exchange for shares of the New Fund, which will be distributed to shareholders of the Fund. The Reorganization is expected to close on or about November 15, 2025 (Closing Date). If you are a shareholder of the Fund immediately prior to the Closing Date, you will become a shareholder of the New Fund. The Fund is an actively managed exchange traded fund (ETF). Under normal circumstances, the Fund invests in equity securities, including common stock and American Depositary Receipts (ADRs) and Global Depositary Receipts (GDRs) of international and domestic companies. The Fund may seek to meet its investment objective by directly investing in equity securities. To achieve its objective, the Fund seeks to outperform the MSCI World Index (the Benchmark). In determining whether a company is a non-U.S. company, Capital Insight Partners, LLC (the Sub-Adviser) will consider whether the company: ? has a class of securities whose principal securities market is outside the U.S.; ? has its principal office outside the U.S.; or ? is otherwise determined to be economically tied to a country outside the U.S. by the Sub-Adviser in its discretion (e.g., using classifications assigned by third parties, including an issuers country of risk as determined by MSCI Global Industry Classification Standards or the classifications assigned to a company by the Funds benchmark index provider). The assets of the Fund are managed by the Sub-Adviser, which employs an active management investment strategy in seeking to achieve the Funds investment objective. The Sub-Adviser first uses a quantitative screen on the investable global universe looking for companies characterized as growth at a reasonable price (GARP). The Sub-Adviser next applies a Christian values overlay to establish the universe of securities eligible for investment. The Sub-Adviser then combines fundamental research and qualitative analysis, to identify companies that have above-average investment potential. The portfolio is constructed with considerations relative to the sector and regional weights of the Benchmark to ensure broad diversification. The Fund will not buy or continue to hold a stock issued by a company if, in the opinion of the Sub-Adviser, the company no longer passes the Christian values filter. The Sub-Adviser also will generally sell a stock on behalf of the Fund if the stock experiences extreme price movements, if the stock exhibits weak performance relative to its peers, or for risk management purposes. The Fund at a minimum will, under normal market conditions, invest 80% or more of its assets (net assets plus any borrowings for investment purposes, if any) in stocks that pass its Christian values filter. Except for its cash-type holdings, the Fund intends to invest 100% of its assets in stocks that satisfy these Christian values under normal market conditions. The Sub-Adviser evaluates long-term economic trends that are likely to persist for the foreseeable future, identifies bullish and bearish markets, incorporates technical analysis which include price and volume trends, geopolitical issues and relative market valuation metrics. The Fund can purchase both domestic and foreign securities to add further flexibility for risk management. The Sub-Adviser has the ability to raise up to 50% in cash or cash equivalents should its indicators begin to show shifts in the macroeconomic landscape, that valuations are at extreme levels, that company fundamentals deteriorate, or if the stock markets experience unexpected events that have a great and broad market impact. Furthermore, if a stock price falls materially from cost, the position would be analyzed and reviewed by the Sub-Advisers investment committee and that committee would decide whether to continue to hold or sell the stock. The Fund makes investment decisions in accordance with biblically responsible (Christian values). The Sub-Adviser applies a Christian values overlay to eliminate companies whose businesses engage in activities that are not aligned with biblical teachings such as abortion, contraception, embryonic stem cell research/human cloning, human rights violations, or who produce pornography, alcohol, tobacco, armaments that are unguided or indiscriminate, gambling equipment or software, betting establishments, or other activities that conflict with Christian values. The Sub-Adviser determines whether each and every company prior to its addition to the Funds investment portfolio has the required Christian values by utilizing certain third-party analytical tools as well as the Sub-Advisers own diligence processes. The Sub-Adviser monitors the policies and practices of the companies selected for the Fund for various issues contemplated by Christian values. If the Sub-Adviser becomes aware that the Fund is invested in a company whose policies and practices are inconsistent with these Christian values by running such companies through screens based on an assortment of third-party and internal factors as well as the Sub-Adviser performing fundamental due diligence on the values of the companies. The Sub-Adviser may sell the companys securities or otherwise exclude future investments in such company. As a result, the Fund may have to sell a security at a time when it would be disadvantageous to do so. The Fund may perform differently than other funds that do not invest within Christian values guidelines. The Fund may invest in companies of any market capitalization located anywhere in the world, including companies located in emerging markets. The Fund will generally invest in companies whose market capitalization is greater than $1 billion. The Fund typically will invest in 60 to 80 portfolio companies. Foreign securities in which the Fund may invest may be U.S. dollar-denominated. The Fund has the ability to buy and sell call and put options on indexes which are the most correlated to the Funds underlying equity holdings. The options overlay seeks to potentially provide a measure of downside protection (i.e., options strategies implemented in an attempt to mitigate a decrease in the value of the Funds investment portfolio) and an additional component to the Funds risk management. The options overlay will be actively managed by Faith Investor Services, LLC (the Adviser) and will adapt to both changing market environments and shifts in the underlying equity holdings of the Fund. Show less