Data as of .
NLSI vs OVLH: which paid, and which earned it?
NLSI and OVLH both write options for income.
What they hold in common
By the books each fund has filed, NLSI and OVLH hold 0% of their money in the same securities at the same weight.
| Only in NLSI | Only in OVLH |
|---|---|
| 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 | OVLH | NLSI | OVLH | NLSI | OVLH | |
| 3 months | +15.6% | +0.5% | 1.4% | 0.0% | +13.3 pts | −1.7 pts |
| 6 months | +24.6% | +11.0% | 2.8% | 0.0% | +6.6 pts | −7.0 pts |
| 1 year | not published | +9.1% | not published | 0.3% | not published | −7.5 pts |
| 3 years | not published | +54.7% | not published | 1.7% | not published | −23.7 pts |
| Since launch | +19.3% | +73.7% | 4.0% | 3.1% | +7.3 pts | −45.2 pts |
| NLSI NEOS Long/Short Equity Income ETF Option income on SPY, paying monthly | OVLH Overlay Shares Hedged Large Cap Equity ETF Put-selling overlay, hedged on SPY, paying annual | |
|---|---|---|
| Issuer | NEOS | Overlay Shares |
| Strategy | option income | put-selling overlay, hedged |
| Benchmark | S&P 500 (SPY), used as a default proxy | S&P 500 (SPY) |
| Pays | monthly | annual |
| Payout rate, annualized | 5.1% | 0.3% |
| Expense ratio | 2.89% | not published |
| Cash paid, 1 year | 4.0% (since launch on Dec 10, 2025) | 0.3% |
| Price change, 1 year | +14.6% | +8.8% |
| Total return, 1 year | +19.3% (since launch on Dec 10, 2025) | +9.1% |
| Benchmark return, 1 year | +12.0% | +16.6% |
| Ahead or behind | +7.3 pts | −7.5 pts |
| Return of capital, latest estimate | 100% | not published |
| Age | 282 days | 2072 days |
| Net assets | $5m | $116m |
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).
OVLH in plain words
Over the year to Sep 18, 2026, OVLH paid 0.3% of its starting value in cash distributions while its price rose 8.8%. With every distribution reinvested, the fund returned +9.1%. S&P 500 (SPY) returned +16.6% over the same days, so a holder was behind by 7.5 pts. At its price on Sep 18, 2026 the latest distribution annualizes to 0.3%, paid annual.
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 OVLH, data as of Sep 18, 2026. https://etfiq.com/compare/income/nlsi-vs-ovlh Free to use with attribution; the underlying files are at Open data.