NEOS Real Estate High Income ETF
IYRI
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- NEOS Real Estate High Income ETF (IYRI), issued by NEOS ETF Trust and managed by NEOS Investment Management LLC, is an actively managed exchange-traded fund that seeks to generate high monthly income with potential for equity appreciation by investing at least 80% of its net assets in securities of real estate companies comprising the Dow Jones U.S. Real Estate Capped Index and overlaying a data-driven call options strategy. The fund's core offerings include equity exposure to U.S. real estate investment trusts (REITs) and real estate-related companies across sub-sectors such as data center, industrial, retail, health care, multi-family residential, real estate services, self-storage, and telecom tower REITs; high monthly distributions derived primarily from premiums earned by writing (selling) covered call options and FLEX options on Index-tracking ETFs, supplemented by dividends from equity holdings; and opportunistic call spread strategies or tax-loss harvesting to enhance income and efficiency. It lists on the Cboe BZX Exchange with a gross expense ratio of 0.68%, monthly distribution frequency, and recent assets under management exceeding $162 million as of December 2025. Launched on January 14, 2025, and headquartered with its investment adviser in the United States, IYRI primarily targets U.S. investors seeking income-oriented real estate exposure with approximately 72 holdings, including top positions in Welltower Inc., Prologis Inc., and American Tower Corp., while maintaining caps to limit any single constituent to 10% of the index for diversification. In 2025, the fund has executed consistent monthly distributions, with the November payout at $0.4460 per share (annualized distribution rate of 10.77%), comprising an estimated 96% return of capital from option premiums, dividends, capital gains, and interest; demonstrated year-to-date NAV performance of around 10.46% through November 2025, outperforming the underlying Dow Jones U.S. Real Estate Capped Index; and grown shares outstanding to over 3.33 million amid expanding assets, reflecting investor adoption of its options-enhanced REIT strategy without reported acquisitions, partnerships, or structural changes.