NEOS Silver High Income ETF

SLVI provides exposure to the price of silver through a combination of strategies: ETPs, synthetic options, and covered calls. To start, the actively managed fund invests up to 25% of its assets in ETPs with direct exposure to physical silver through a wholly owned foreign subsidiary in the Cayman Islands. Shifts in the price of silver ETPs typically coincide with the actual price of silver. The fund concurrently invests in traditional exchange-traded options and/or FLEX options, with silver ETP as the reference asset, while employing two options strategies. The first strategy aims to replicate shifts in ETP value by creating synthetic exposure through purchasing calls and selling put options at the same strike price with the same expiration. The second seeks to generate high monthly income by writing call options on silver ETPs with expected expirations of approximately one month. Note that the funds' overall strategy will limit participation in gains of silver beyond a certain point.