Which is cheaper, ISPY or NLSI?

ISPY charges 0.55% a year and NLSI charges 2.89%, so ISPY is cheaper. Fees come from each fund's prospectus.

Data as of Nov 4, 2026.

Income ETFs

ISPY vs NLSI: Dividend Yield & Total Return

ISPY and NLSI both write options for income.

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Net assets: $1.2bn on Nov 4, 2026 for ProShares S&P 500 High Income ETF, and $5.3m on Oct 28, 2026 for NEOS Long/Short Equity Income ETF.

ISPY on its own →NLSI on its own →

At a glance

6.2%

ISPY cash paid, 1 year

5.0%

NLSI cash paid, since launch, Dec 10, 2025

+11.3%

ISPY total return, 1 year

+17.7%

NLSI total return, since launch, Dec 10, 2025

ISPY · 1 year to Nov 4, 2026 3.5 pts behind SPY

ISPY

+11.3%

SPY

+14.8%

3.5 pts behind SPY

ISPY over 1 year: paid 6.2%, price +4.8%, total +11.3%, SPY +14.8%, −3.5 pts. Data to Nov 4, 2026.

SPY

+14.8%

ISPY

+11.3%

6.2% of it arrived as cash

3.5 pts behind SPY

Total return, distributions reinvested

3.5 pts behind SPY

ISPY over 1 year: paid 6.2%, price +4.8%, total +11.3%, SPY +14.8%, −3.5 pts. Data to Nov 4, 2026.

SPY

+14.8%

ISPY

+11.3%

3.5 pts behind SPY

6.2% of it arrived as cash. Total return, distributions reinvested. ISPY over 1 year: paid 6.2%, price +4.8%, total +11.3%, SPY +14.8%, −3.5 pts. Data to Nov 4, 2026.

Data to Nov 4, 2026.

NLSI · since launch to Nov 4, 2026 5 pts ahead of SPY

NLSI

+17.7%

SPY

+12.7%

5 pts ahead of SPY

NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

SPY

+12.7%

NLSI

+17.7%

5.0% as cash

5 pts ahead of SPY

Total return, distributions reinvested

5 pts ahead of SPY

NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

SPY

+12.7%

NLSI

+17.7%

5 pts ahead of SPY

5.0% of it arrived as cash. Both charts share one scale, 0 to +17.7%. NLSI since launch: paid 5.0%, price +12.0%, total +17.7%, SPY +12.7%, +5.0 pts. Data to Nov 4, 2026.

Both charts share one scale, 0 to +17.7%. Data to Nov 4, 2026.

Pair scorecard

ISPY costs 2.34 points a year less; ISPY is far larger, $1.2bn against $5.3m.

Points (pts) are percentage points.

ISPY vs NLSI: Dividend Yield & Total Return
Measure	ISPY	NLSI
Paid and earned
Measure	ISPY	NLSI
Total return, 1 year	+11.3%	not published
Price change	rose 4.8% (1 year)	rose 12.0% (since Dec 10, 2025)
Return of capital, issuer estimate	87% of the Nov 6, 2026 payment	100% of the Oct 30, 2026 payment
Against its benchmark
Measure	ISPY	NLSI
Benchmark	S&P 500, measured through SPY	S&P 500, measured through SPY
Against its benchmark, same days	behind by 3.5 pts	ahead by 5.0 pts
Cost and size
Measure	ISPY	NLSI
Expense ratio	0.55%	2.89%
Net assets, as of Oct 28, 2026	$1.2bn	$5.3m
Holdings
Measure	ISPY	NLSI
Holdings in common	5%

Method

What they share

By the books each fund has filed, ISPY and NLSI hold 5% of their money in the same securities at the same weight. Holdings dated Aug 31, 2026 and Nov 3, 2026.

50%

0 half 100%

half

5% in common

Positions both hold · largest shared weight first ISPY NLSI

Micron Technology, Inc. 1.38% 12.00%

Chevron Corp. 0.49% 4.51%

Goldman Sachs Group, Inc. (The) 0.39% 3.27%

Seagate Technology Holdings plc 0.24% 4.06%

Walt Disney Co. (The) 0.24% 4.42%

Western Digital Corp. 0.20% 2.46%

Uber Technologies, Inc. 0.20% 3.74%

ServiceNow, Inc. 0.19% 4.07%

Capital One Financial Corp. 0.17% 3.59%

Progressive Corp. (The) 0.16% 4.11%

Marathon Petroleum Corp. 0.14% 5.94%

Valero Energy Corp. 0.14% 5.14%

Only in one fund ↓

Only in ISPY

NVIDIA Corp. 6.80%

Apple, Inc. 5.92%

Microsoft Corp. 4.80%

Broadcom, Inc. 2.23%

Alphabet, Inc. 2.02%

Tesla, Inc. 1.32%

JPMorgan Chase & Co. 1.22%

Berkshire Hathaway, Inc. 1.18%

Only in NLSI

SPXW US 11/12/26 P7000 0.03%

SPXW US 11/12/26 P6850 0.02%

SPXW US 11/12/26 P6950 0.02%

SPXW US 11/12/26 P7175 -0.05%

SPXW US 11/12/26 P7250 -0.07%

SPXW US 11/12/26 P7310 -0.09%

Check overlap with more funds →

Side by side

ISPY ProShares S&P 500 High Income ETF · Option income on SPY, paying monthly NLSI NEOS Long/Short Equity Income ETF · Option income on SPY, paying monthly

Issuer ProShares NEOS

Strategy option income option income

Benchmark S&P 500 (SPY) S&P 500 (SPY)

Pays monthly monthly

Payout rate, annualized 6.0% 5.6%

Expense ratio 0.55% 2.89%

Cash paid, 1 year 6.2% 5.0% (since launch, Dec 10, 2025)

Price change, 1 year +4.8% +12.0% (since launch, Dec 10, 2025)

Total return, 1 year +11.3% +17.7% (since launch, Dec 10, 2025)

Benchmark return, 1 year +14.8% +12.7% (since launch, Dec 10, 2025)

Ahead or behind −3.5 pts +5.0 pts (since launch, Dec 10, 2025)

Return of capital, latest estimate 87% 100%

Age 2.9 years 329 days

Net assets, ISPY as of Nov 4, 2026 and NLSI as of Oct 28, 2026 $1.2bn $5.3m

As of Nov 4, 2026. Source: ETFIQ. Cash paid: distributions over the window, as a share of the starting price. Payout rate: the latest payment, annualized, over today’s price.

Window by window

Window by window: ISPY vs NLSI: Dividend Yield & Total Return
	Total return		Cash paid		Against the benchmark
Window	ISPY	NLSI	ISPY	NLSI	ISPY	NLSI
3 months	−0.5%	+6.7%	1.5%	1.4%	−0.3 pts	+6.9 pts
6 months	+3.8%	+21.4%	3.1%	3.0%	−1.2 pts	+16.4 pts
1 year	+11.3%	–	6.2%	–	−3.5 pts	–
Since launchNot the same days: ISPY Dec 2023 · NLSI Dec 2025	+54.0%	+17.7%	27.1%	5.0%	−15.1 pts	+4.9 pts

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Alert

About each fund

ISPY

Over the year to Nov 4, 2026, ISPY paid 6.2% of its starting value in cash distributions while its price rose 4.8%. With every distribution reinvested, the fund returned +11.3%. S&P 500 (SPY) returned +14.8% over the same days, so a holder was behind by 3.5 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 6.0%, paid monthly. ProShares estimates that 87% of the distribution paid Nov 6, 2026 was a return of capital (its 19a-1 notice). That is a tax label, not a measure of erosion.

NLSI

Over the period from its first trade on Dec 10, 2025 to Nov 4, 2026, NLSI paid 5.0% of its starting value in cash distributions while its price rose 12.0%. With every distribution reinvested, the fund returned +17.7%. S&P 500 (SPY) returned +12.7% over the same days, so a holder was ahead by 5.0 pts. At its price on Nov 4, 2026 the latest distribution annualizes to 5.6%, paid monthly. NEOS estimates that 100% of the distribution paid Oct 30, 2026 was a return of capital (its 19a-1 notice).

Questions people ask

Which is cheaper, ISPY or NLSI?: ISPY charges 0.55% a year and NLSI charges 2.89%, so ISPY is cheaper. Fees come from each fund's prospectus.

Other comparisons

ISPY vs KHPI ISPY vs SPYI ISPY vs JEPI ISPY vs TPRY NLSI vs OCTH NLSI vs OCTJ NLSI vs TPRY NLSI vs OMAH

Where to next

S&P 500 (SPY) →All income ETFs ranked by the Distribution Coverage Score →How the scores are computed →ISPY on its own →NLSI on its own →ISPY dividend history →ISPY holdings →NLSI dividend history →NLSI holdings →Method →Standards and sources →

Sources and dates

ISPY filings on SEC EDGAR ↗

ISPY prospectus with the expense ratio (SEC) ↗

ISPY 19a-1 distribution notice ↗

ProShares page for ISPY ↗

NLSI filings on SEC EDGAR ↗

NLSI prospectus with the expense ratio (SEC) ↗

NLSI 19a-1 distribution notice ↗

NEOS page for NLSI ↗

Links are sources, not endorsements. A comparison is not a recommendation.

How this is computed

Overlap adds up the smaller of the two weights for each security both funds hold.

Every number is an ETFIQ calculation with distributions reinvested.

Cite this pageCitation, APA and Markdown

ETFIQ, ISPY against NLSI, data as of Nov 4, 2026. https://etfiq.com/compare/income/ispy-vs-nlsi

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Free to use with attribution for data ETFIQ computes; issuer data stays under its owner's terms.