Data as of .
NLSI vs OVL: which paid, and which earned it?
NLSI and OVL both write options for income.
What they hold in common
By the books each fund has filed, NLSI and OVL hold 0% of their money in the same securities at the same weight.
| Only in NLSI | Only in OVL |
|---|---|
| Micron Technology Inc 14.23% | Vanguard S&P 500 ETF 100.00% |
| F5 Inc 3.90% | |
| Progressive Corp/The 3.80% | |
| Adobe Inc 3.37% | |
| Jack Henry & Associates Inc 3.32% | |
| Universal Health Services Inc 3.23% | |
| Insulet Corp 3.19% | |
| Veeva Systems Inc 3.19% |
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 Jun 30, 2026 and May 31, 2026.
Performance, window by window
| Window | Total return | Cash paid | Against the benchmark | |||
|---|---|---|---|---|---|---|
| NLSI | OVL | NLSI | OVL | NLSI | OVL | |
| 3 months | +15.6% | +2.3% | 1.4% | 2.6% | +13.3 pts | 0.0 pts |
| 6 months | +24.6% | +18.8% | 2.8% | 5.7% | +6.6 pts | +0.7 pts |
| 1 year | not published | +19.2% | not published | 8.9% | not published | +2.6 pts |
| 3 years | not published | +86.2% | not published | 21.1% | not published | +7.8 pts |
| Since launch | +19.3% | +203.4% | 4.0% | 47.2% | +7.3 pts | +16.1 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | OVL Overlay Shares Large Cap Equity ETF Put-selling overlay on SPY, paying monthly | |
|---|---|---|
| Issuer | NEOS | Overlay Shares |
| Strategy | option income | put-selling overlay |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY) |
| Pays | monthly | monthly |
| Payout rate, annualized | 5.1% | 10.4% |
| Expense ratio | 2.89% | not published |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 8.9% |
| Price change, 1 year | +14.6% | +9.4% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | +19.2% |
| Benchmark return, 1 year | +12.0% | +16.6% |
| Ahead or behind | +7.3 pts | +2.6 pts |
| Return of capital, latest estimate | 100% | not published |
| Age | 282 days | 2544 days |
| Net assets | $5m | $276m |
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).
OVL in plain words
Over the year to Sep 18, 2026, OVL paid 8.9% of its starting value in cash distributions while its price rose 9.4%. With every distribution reinvested, the fund returned +19.2%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was ahead by 2.6 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 10.4%, paid monthly.
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 OVL, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-ovl Free to use with attribution; the underlying files are at Open data.