Data as of .
NLSI vs OEI: which paid, and which earned it?
NLSI and OEI both write options for income.
What they hold in common
By the books each fund has filed, NLSI and OEI hold 9% of their money in the same securities at the same weight.
| Holding | NLSI | OEI |
|---|---|---|
| NVIDIA Corp | 3.17% | 8.32% |
| Micron Technology Inc | 14.23% | 2.57% |
| Mastercard Inc | 2.86% | 1.57% |
| Progressive Corp/The | 3.80% | 0.50% |
| Adobe Inc | 3.37% | 0.39% |
| Intuit Inc | 2.85% | 0.25% |
| ServiceNow Inc | 1.99% | 0.22% |
| Only in NLSI | Only in OEI |
|---|---|
| F5 Inc 3.90% | Microsoft Corp 5.99% |
| Jack Henry & Associates Inc 3.32% | Amazon.com Inc 4.56% |
| Universal Health Services Inc 3.23% | Apple Inc 4.28% |
| Insulet Corp 3.19% | Alphabet Inc 3.48% |
| Veeva Systems Inc 3.19% | Broadcom Inc 3.04% |
| PTC Inc 3.18% | Alphabet Inc 2.79% |
| Marathon Petroleum Corp 3.13% | Meta Platforms Inc 2.18% |
| Valero Energy Corp 3.04% | Johnson & Johnson 2.10% |
Weight overlap is an ETFIQ calculation: for every security both funds hold, the smaller of the two weights, summed. Above 50%, holding both is close to holding one of them twice. Holdings dated Jul 31, 2026 and Jun 30, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| NLSI | OEI | NLSI | OEI | NLSI | OEI | |
| 3 months | +15.6% | +4.8% | 1.4% | 2.3% | +13.3 pts | +2.5 pts |
| 6 months | +24.6% | +12.5% | 2.8% | 4.9% | +6.6 pts | −5.6 pts |
| Since launch | +19.3% | +14.4% | 4.0% | 8.6% | +7.3 pts | −0.9 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | OEI Optimized Equity Income ETF Option income on SPY, paying monthly | |
|---|---|---|
| Issuer | NEOS | Core Alternative |
| Strategy | option income | option income |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY), used as a default proxy |
| Pays | monthly | monthly |
| Payout rate, annualized | 5.1% | 9.2% |
| Expense ratio | 2.89% | 1.02% |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 8.6% (since launch on Oct 22, 2025) |
| Price change, 1 year | +14.6% | +5.2% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | +14.4% (since launch on Oct 22, 2025) |
| Benchmark return, 1 year | +12.0% | +15.3% |
| Ahead or behind | +7.3 pts | −0.9 pts |
| Return of capital, latest estimate | 100% | not published |
| Age | 282 days | 331 days |
| Net assets | $5m | $46m |
NLSI in plain words
Over the period since launch on Dec 10, 2025 to Sep 18, 2026, NLSI paid 4.0% of its starting value in cash distributions while its price rose 14.6%. With every distribution reinvested, the fund returned +19.3%. S&P 500 (SPY), used as a default proxy returned +12.0% over the same days, so a holder was ahead by 7.3 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 5.1%, paid monthly. NEOS estimates that 100% of the distribution paid Jul 31, 2026 was a return of capital (19a-1 notice, estimated, a tax characterization rather than a measure of erosion).
OEI in plain words
Over the period since launch on Oct 22, 2025 to Sep 18, 2026, OEI paid 8.6% of its starting value in cash distributions while its price rose 5.2%. With every distribution reinvested, the fund returned +14.4%. S&P 500 (SPY), used as a default proxy returned +15.3% over the same days, so a holder was behind by 0.9 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 9.2%, paid monthly.
Questions people ask
- Which is cheaper, NLSI or OEI?
- NLSI charges 2.89% a year and OEI charges 1.02%, so OEI is cheaper. Fees come from each fund's prospectus.
Other comparisons
Where these figures came from
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement.
Cite this page. ETFIQ, NLSI against OEI, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-oei Free to use with attribution; the underlying files are at Open data.