At a glance
IYRI charges 0.68% a year, above the 0.19% average of the 8 funds most like it (the most expensive of 9). It has $285.1M in assets, the 8th largest of that group; it paid 11.6% of its price in distributions over the past 12 months, monthly. Over the past year it returned +0.5% with distributions reinvested (S&P 500: +11.5%), the weakest of those 9 funds. Its ten largest positions make up 51.4% of the fund, out of 61 in all.
The short version
NEOS Real Estate High Income ETF (IYRI) is an actively managed fund. It holds US real estate stocks, mostly real estate investment trusts (REITs), from the Dow Jones U.S. Real Estate Capped Index, and it sells call options to earn extra income. As of October 27, 2026, its trailing 12-month yield was 11.6%, paid monthly. In return, it gives up some upside and charges 0.68% a year, compared with a 0.19% average for similar funds.
Price history
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IYRI +0.5% over the year to Oct 27, 2026, total return with distributions reinvested.
How it has behaved
| YTD | 1 yr | 3 yr | 5 yr | 10 yr | Since start | |
|---|---|---|---|---|---|---|
| IYRI price data to Oct 27, 2026 | +3.3% | +0.5% | — | — | — | +6.3% |
- Over the year to Oct 27, 2026, IYRI returned +0.5%, 9th of 9 among similar funds.
- The deepest fall in its price history was 12.1% (Mar 5, 2025 to Apr 8, 2025), recovered by Jun 23, 2025.
Show as a table
| Year | Price data |
|---|---|
| 2026 (to date) | +3.3% |
| 2025 | +8.0% |
| 2008 financial crisis stocks fell Oct 9, 2007 – Mar 9, 2009 | Before this security existed |
|---|---|
| 2020 COVID crash stocks fell Feb 19, 2020 – Mar 23, 2020 | Before this security existed |
| 2022 bear market stocks fell Jan 3, 2022 – Oct 12, 2022 | Before this security existed |
Dividends and income
Show as a table
| Year | Per share | Change |
|---|---|---|
| 2026 (to date) | $4.4300 | |
| 2025 | $5.6900 |
What's inside
As of Jun 30, 2026, the fund held 61 securities; the ten largest made up 51.35% of assets.
| Holding | Weight | |
|---|---|---|
| Welltower Inc | 10.70% | |
| Prologis Inc | 8.84% | |
| Simon Property Group Inc | 5.16% | |
| Equinix Inc | 4.67% | |
| Digital Realty Trust Inc | 4.32% | |
| Realty Income Corp | 4.09% | |
| American Tower Corp | 3.90% | |
| Public Storage | 3.74% | |
| Ventas Inc | 3.01% | |
| CBRE Group Inc | 2.92% | |
| Iron Mountain Inc | 2.77% | |
| Crown Castle Inc | 2.41% | |
| Extra Space Storage Inc | 2.29% | |
| VICI Properties Inc | 2.12% | |
| AvalonBay Communities Inc | 1.98% |
By country
United States 99.6%By asset type
Stocks 99.6%By sector
Sectors of the companies held, for the 54.5% of the fund in companies that have a stock page here; other holdings and cash aren't classified. Source: N-PORT holdings report as of Jun 30, 2026. Cash, money-market funds and derivatives are shown separately from the securities list.What changed recently
- Over the three months to Jun 30, 2026, investors added a net $40.2M (creations minus redemptions, per the N-PORT report).
- Monthly total returns reported for that quarter: +5.75%, -0.64%, +1.55%.
How it works
IYRI is an actively managed ETF from Neos Investments. Normally, at least 80% of net assets goes into companies in the Dow Jones U.S. Real Estate Capped Index, generally in line with their index weights. The index holds mostly U.S. real estate investment trusts (REITs, companies that own and lease property). It usually has 60 to 70 members, caps any one stock at 10% when it rebalances each September, and is reviewed quarterly. As of June 30, 2026, the fund's largest positions were Welltower (10.7%) and Prologis (8.8%).
For income, the fund sells call options on ETFs that track the same index. As of June 30, 2026, these were options on the iShares U.S. Real Estate ETF. A call gives the buyer the right to buy at a set price (the strike) by a set date, and the fund collects an upfront fee, called a premium, for selling it. Premiums and dividends fund the monthly payouts. Neos expects to use mainly FLEX options, which are exchange-listed contracts with custom terms.
The trade-off is capped upside. If the index rises past the strike, the fund loses money on the calls it sold, so it gives up gains beyond that point. The manager may also buy higher-strike calls (a call spread) to keep some upside, and may close options before they expire.
What it really costs
- IYRI charges 0.68% a year, versus an average of 0.19% for the similar funds below (9th of 9, cheapest first).
- Using the prospectus's standard example, $10,000 invested would cost about $69 in the first year and $847 over 10 years (assuming a 5% annual return).
| Cost of $10,000 (SEC example) | 1 yr | 3 yrs | 5 yrs | 10 yrs |
|---|---|---|---|---|
| IYRI | $69 | $218 | $379 | $847 |
Structure and tax notes
- Generates much of its income from selling options (directly or through notes). That income is usually taxed as ordinary income rather than as qualified dividends, and the strategy gives up some upside in strong markets.
In a retirement portfolio
IYRI's purpose is high monthly income from REIT dividends plus option premiums, and it gives up some growth to get it.
IYRI's trailing 12-month yield was 11.6% as of October 27, 2026, paid monthly. Option premiums are usually taxed as ordinary income, not as lower-taxed qualified dividends. A high payout is not the same as a high total return: the fund returned 0.5% over the year to October 27, 2026. It launched on January 14, 2025, so it has no record from the 2008, 2020 or 2022 downturns. Its deepest drop so far was 12.1%, from March 5 to April 8, 2025, and it recovered by June 23, 2025, about 2.5 months later. That short record says little about a long real estate slump, when selling shares for cash would lock in losses. Costs come to $847 over 10 years in the SEC's $10,000 example. Past results don't predict the future, and a plan should look at the whole portfolio, not one fund.
Who it may suit — and who should look elsewhere
May suit
- Income seekers who want monthly payouts from REITs such as Welltower and Prologis, with an 11.6% trailing yield as of October 27, 2026.
- Investors willing to give up some real estate gains in strong rallies in exchange for income from selling call options.
- Investors holding it in a tax-advantaged account, where the ordinary-income tax on option premiums matters less.
Look elsewhere if
- Cost-conscious investors: its 0.68% expense ratio ranks 9th of 9 similar funds, and Schwab US REIT ETF charges 0.07%.
- Those seeking full real estate growth: its 0.5% one-year return through October 27, 2026, trailed all eight similar funds.
- Investors who want a long track record: launched in January 2025, it has not yet been through a bear market like 2008 or 2022.
Close alternatives
Matched by holdings overlap from the latest N-PORT reports.
| Fund | Overlap | Cost | Net assets | 1 yr | 3 yr |
|---|---|---|---|---|---|
| IYRI this fund | — | 0.68% | $285.1M | +0.5% | — |
| IYR iShares U.S. Real Estate ETF · different strategy | 98% | 0.39% | $4.67B | +1.9% | +12.7% |
| FREL Fidelity MSCI Real Estate Index ETF · different strategy | 87% | 0.084% | $1.49B | +3.2% | +13.3% |
| SCHH Schwab US REIT ETF · different strategy | 85% | 0.07% | $11.20B | +7.1% | +14.1% |
| DFAR Dimensional US Real Estate ETF · different strategy | 84% | 0.19% | $1.78B | +7.6% | +14.0% |
| XLRE Real Estate Select Sector SPDR Fund · different strategy | 80% | 0.08% | $8.10B | +2.8% | +13.3% |
| FRI First Trust S&P REIT Index Fund · different strategy | 80% | 0.5% | $180.5M | +8.3% | +15.4% |
| USRT iShares Core U.S. REIT ETF · different strategy | 79% | 0.08% | $4.66B | +8.5% | +15.9% |
Questions investors ask
Does IYRI pay monthly dividends?
Yes. IYRI pays distributions every month. Over the 12 months to October 27, 2026, it paid $5.32 per share, a trailing yield of 11.6%. The cash comes from two sources: dividends from the REITs it owns and premiums from the call options it sells. Payments can change from month to month and are not guaranteed. The option income is usually taxed as ordinary income rather than as qualified dividends.
What's the difference between IYRI and IYR?
The two own almost the same stocks. Their holdings overlap by 98%, based on the latest N-PORT reports. iShares U.S. Real Estate ETF (IYR) simply tracks the index and charges 0.39%. IYRI adds a layer of call options, written on IYR itself, to raise income, and it charges 0.68%. Those options cap IYRI's gains when prices rise. Over the year to October 27, 2026, IYRI returned 0.5% and IYR returned 1.9%.
What are IYRI's top holdings?
As of June 30, 2026, IYRI's largest holdings were Welltower (10.7%), Prologis (8.8%), Simon Property Group (5.2%), Equinix (4.7%) and Digital Realty Trust (4.3%). Realty Income, American Tower and Public Storage came next. The fund held 61 stocks in all, and the top ten made up about 51% of assets. That makes it fairly concentrated, with large stakes in health care, industrial, retail and data center REITs.
What is IYRI's expense ratio?
IYRI's expense ratio is 0.68%, according to its prospectus filed April 30, 2026. That is well above the 0.19% average for similar real estate funds, and it ranks 9th of 9 on cost. In the SEC's standard example, $10,000 earning 5% a year would cost about $69 in the first year, $379 over five years and $847 over 10 years. Schwab US REIT ETF charges 0.07%, but it does not sell options.
Is IYRI good for retirement income?
It depends on what the investor needs. IYRI may suit retirees who want monthly cash: its trailing yield was 11.6% as of October 27, 2026. The drawbacks are real, though. Selling calls caps its gains, it costs 0.68% a year, and option income is usually taxed as ordinary income. It launched in January 2025, so it has not been tested in a severe downturn. Its deepest drop so far was 12.1%.